HELLO from CFT. Another weekend update (attached video).
We’ve got BITCOIN we have been looking for a sharp pullback, we have finally gotten that. You can see here that we are trading currently $16,700. We had a breakdown to approximately $16,250, We did try to nibble a little bit here, and got stopped out of a few positions at breakeven. We are still a little bit long, but we are open to the idea that we could fall down here to this previous 4th wave support at $15,000. Our indicators are starting to get friendly but not there yet. But we will look to play some bounces, but for now it looks like we are in sell mode on Bitcoin.
If we go to U.S. stocks, We had mentioned that we were short from earlier levels up here, a week ago from Monday. We did take losses on our short positions of 1/3rd of 1%. We did that two days ago. We are still looking for some type of pullback, but currently we are flat and we will pick that point soon.
The dollar, we were looking for some type of rally off the lows here to 93.75. We’re getting actually new lows here, we are not exactly sure how to read that….. It has not hurt our positions in short metals, we are long the DUST contract ETF. Here is the XAU that continues to stair step down. So we are still short metals, this position still looks good to be short. The dollar we are not sure here, may be a quick short covering rally on the dollar but so far it is not hurt our metals position.
Have a good weekend. Thank You