Good morning from CFT for our weekly update (attached video),
Bitcoin did consolidate last week; we had a quick selloff after our update. We did purchase a little bit of Bitcoin, Etherium and Litecoin on that. Made we believe a quick $600-$650 on Bitcoin, a little bit on Ethereum, and a minor loss on Litecoin. So we were worried about another run to new highs, which we did get, we didn’t take as much meat off the bones as we wanted to, but we still think we are making a high here as we are showing on the charts. We are looking for an “abc” back down; we did actually give a short-sell recommendation last night at $16,325-$16,425, we are currently $16,120 (even breaking below $16K at writing this post). So again we are looking for some type of pullback here, and we will monitor that.
If we go to U.S. stocks, we were working for lower. We did get the big gap up Monday morning, and since then we have retraced some of that, so we are still a little higher than we were last week, but still looking for lower prices.
XAU we had talked last week when we were up here near the highs, that we were still saying short expecting lower, and we did get a pretty decent selloff this week, so we are still short.
And the US Dollar the same thing, we talked about an “abc” down, and we thought maybe the worst was over short term and more sideways. We have rallied some, and we expect that rally to work a little bit higher, maybe 93.75 then we will reevaluate our position.
Thank You, and have a good weekend.