Good afternoon from CFT (our video is out!),
Bitcoin has been sideways to lower, very quiet in the last week.
Our indicators did get friendly overnight, so we do think possibly we just completed a “B” wave, as shown on the chart. Which means we could see a rally to $41-42,000, then we’d want to reevaluate. Because that could lead to new lows below $28,500, or as a triangle we have been showing, it would be the “B” wave of the triangle and would see more sideways for the wave 4, before going to new highs. So we are friendly and looking for higher from here.
If we look at the Nasdaq as we have shown, June 3rd, we had a buy signal, we had a sell last week, we have had some weakness last 4-5 days, we do look for a little bit lower on stocks, then looking forward to our next buy signal, to see if we continue this melt-up in U.S. stocks.
U.S. Dollar still looks higher to us; we were friendly coming into the week; somewhere here, we will look for a short term top, a couple of weeks pullback, then further strength to catch all the short in trouble.
we are still short and looking for lower.
Have a good weekend and good trading. Thank You.