Hello from CFT (our video is out!),
Bitcoin is showing some strength today up here at $50,900. Our preferred count again had been this red wave 4 / triangle. We had mentioned the possibility that the triangle was over.
Which means we would have made the low here, as shown. Then, we have been working on five waves up, which would be 1-2, then possibly 3; this would be a triangle, now we are doing our final rally that would end the first wave up off this wave 4 low. Then we would have an a-b-c pullback, and that would be a major buy for then new highs, probably up to $100,000. So that’s what we’re looking at, a little higher here short term, looking for an a-b-c pullback, and then much higher.
As we have shown, we had a sell about a month ago, looking for a pullback so we can do some buying, as U.S. stocks act as if they want to continue higher.
We had mentioned as we were leaning, but now we have rolled over, we’re headed to below 89, new lows on this chart. We did have an oversold reading this week, but we are not getting a rally, so we are bearish the Dollar.
And being bearish on the Dollar, we had mentioned that it makes us bullish precious metals. We had a “spring” here of these lows, which is a Wyckoff spring. Today we are extending the rally, so we think precious metals are still headed higher, while the Dollar goes below 89, new lows for the move.
Have a good weekend, and thank you!