Good morning from CFT with our weekly update (Attached new video),
Bitcoin, we had mentioned we had a sell up at $19,700, we had overbought readings on our indicators, and coming into the last couple days our indicators started getting friendly, so we have entered partial long positions. We are sitting here now at $18,045 for Bitcoin. We were looking for still deeper, but now with the current action and our indicators getting oversold, we are thinking this here is the “abc”. This could possibly be a “1-2”, and we are headed to new highs again. We are not really sure of the Elliott Wave count, we go really with our other in house indicators, and they are friendly here, so we are going to give them a chance to see what type of rally we start here, and we will trail our stops.
U.S. stocks, we have been talking about still leaning bearish. We have backed up a little bit last few days; indicators are kind of neutral, we have entered a few long positions in U.S. stocks, and was long bonds, and got out today for a small profit. But for stocks, we are looking to give a buy on a little further pullback.
On the US dollar, as you know, we have been looking for a rally, we have bounced a little bit in the last week, and we are still looking for a further bounce. Really hasn’t effected the metals much…
We are still short metals, and they have turned down a little bit this week, and for now, we are still looking for lower.
Thank you, and have a good weekend!