CFT Weekly Update Bitcoin & US$ / Metals / US Stocks

Oct 16, 2020

Home 9 chart Analysis 9 CFT Weekly Update Bitcoin & US$ / Metals / US Stocks

Good morning from CFT, our weekly update (attached video):

We just finished a nice profitable trade, coming into Monday’s opening you can see here we have the BITCOIN chart.

We were talking about a rally back above this high at $11,200, maybe $11,400-11,500. Actually, we had changed that to we were looking for an $11,700 and we did give a sell at $11,650-11,700 caught the high exact!

We do think we are doing this rollover to $9,000 we have been looking for. Possibly if we hold in here today at $11,350, we could maybe try $12,000, but we are not really expecting that. We’re expecting further weakness, so we are out of positions.

We had a nice trade from $10,365 on Bitcoin up to $11,650 – 11,700, and now looking for a pullback.

On the US dollar here, we talked about last week down around 93.20 selloff was getting a little deep…. we did reverse it higher, we think the dollar is still good here, so we are still long the dollar, and still short the metals.

Metals we think this was a nice little sign of weakness, and a weak rally back, so we’re short the metals.

On stocks the same thing, we had a sell on stocks Monday mornings gap higher.  We took our profits after catching the low on 9/24.

So we are out of stock positions and/or short, and looking for a pullback here as well.

Have a good weekend. Thank You