Hello from CFT!
Once again, we want to give our updated opinions on the markets (attached video).
In front of us, we have Bitcoin, as you know we have been long Bitcoin looking for a rally above $11,200, which was its previous recovery high off of the (a) low in the red. We have finally gotten some good movement in the last 48 hours or less, So we are sitting here at $11,069, we would like to see a push up to $11,300-11,400 possibly. Our indicators are not bearish as of yet, but they are getting there, so we do think we are in this red ABC down to possibly $9,000. So we are looking for a selloff here, and then a rollover in prices and movement lower.
For the dollar, as you know, we have been looking for a rally. We did get that, now this week we have had a pretty deep serious correction, especially today we are down here at 93.21. This is starting to look precarious, so we are worried about another new low. Were going to watch that as we are long the dollar with small losses cause our entry, our reentry was good. So we will watch that, not happy with today’s pullback… also on the XAU then, we have a rally back up into this trading range we have had. It does look kind of ABC(ish), so we could still stop here today and roll back over, so we are going to watch this closely. Cause we have been bearish the metals, but we will watch.
And lastly, here is the SPY, U.S. stocks. We caught the low exact a couple weeks ago on a Thursday morning. We are still long, and we think this rally is getting a little long in the tooth. We look for an ABC down in the red for a pullback. So we’re looking to take profits up here very soon, and be prepared for another movement down.
Have a good weekend. Thank You!