Hello from CFT with our weekly Bitcoin update (video is out!).
We thought the white wave 4 had ended and we were headed higher as we have been showing.
We did take some small profits last week after our update.
We did buy two days ago on the break down to $29,000.
We bought Bitcoin and Ethereum, and actually, our ALGO went long at $32,000.
Our ALGO just sold out at $36,500 taking a nice quick profit.
The discretionary positions (spot), we are still long. The question is wave 4 over, or possibly we are entertaining the idea we are doing a triangle here, which would portend lower before higher, and we are watching that. Elon Musk’s tweet got the rally going this morning, so we will see if that will continue to push cryptocurrencies higher.
Regarding the U.S. stocks,
as you know, we have been looking for a top in U.S. stocks.
We have had a little bit of selling here the last few days.
So this top could be in, but our indicators are still a little friendly, so we are not panicking yet, but we are keeping it open that this rally is getting late in the rally here.
We are still long PAGS, KEYS, and TRIP, no change on those.
For the U.S. dollar,
We have been looking for a low here; we still thought we might get a 92 or 92.50 out of this.
This could be a nice little triangle, so we are watching this for still higher.
We are still short precious metals, and you can see the last two days we have had a decent rally from the REDDIT crowd talking about buying silver. Not happy about that, but we are still short looking for this to reverse lower, if not we will get out and stand aside.
There is a lot of volatility in the markets here, especially cryptos; we have been trading this very successfully, so give us a chance and let some money this year.
We wish you a Happy Weekend!
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