Hello from CFT (our new video is out!),
Last week we were around that $31,800 level. We were looking for a rally to $33,000 to liquidate some partial longs. We didn’t get that high; we topped out around $32,500. You can see we broke the green dotted line, so we are in defensive mode. The problem is our indicators are oversold down here, so we are monitoring that closely, looking for a low to add to long positions.
We talked about they were overbought, and 318-319 would provide resistance. That did stop the rally down around 314. We are looking for further weakness this week and then would like to be a buyer on our oversold indicators and also increase our positions in Bitcoin.
we did bounce a little bit. We look for possibly a little bit higher short term, but we still want to be short the Dollar here.
We talked about it being overbought; it could not go much higher. We look for a pullback, maybe down to around that 128 level, and then we will probably be a buyer.