Good morning from CFT (our new video is out!),
Bitcoin is currently trading at $47,550. Last week, we had a sharp selloff with “risk-off” and virus issues. We had a sharp selloff with deleveraging. We did add some Bitcoin and a few other coins down at these levels. This deep selloff does bring in some bearish alternatives, which we do want to show. We could drag this over here….this could be this white wave 4 down here that we had been looking for completed. It could be actually maybe doing a larger triangle, which would mean we’d have a little more downside here in the coming days ahead before wave 4 is completed. So that is a bearish alternative that we will watch. Otherwise, if we can catch ourselves here, or within the next thousand or two, we still could see our bullish scenario play out and continue higher.
On U.S. Stocks, we have been talking about the continued rally; we did get that in the last week. We still think the Nasdaq in the U.S. continues to new highs, and we will have a “risk-on” type of environment.
U.S. Dollar, we talked about trying to pick a top. Our indicators did turn to a little more oversold recently, so again we are still on the sidelines U.S. Dollar and want to be short.
Conversely, we want to be long the XAU, but currently, we have no positions.
Have a good weekend, and thank you!