Hello from CFT (our new video is out!),
The triangle we have been monitoring for weeks. We thought maybe the “b” wave had ended last week up there around $42,800 or so. It has extended lower to $40,200. The “b” wave could still be ending here, so that’s what we are looking for. We’ll look for the rally up to $53-$54,000 again. Once again, the breakdown point is $37,300, where the green “x” wave ended.
We talked about being on a buyer a little lower last week, and we did get lower. Our indicators are getting down to friendly, so we’re going to be a buyer early in the week, looking for stocks to continue higher and drag Bitcoin higher.
We have talked about wanting to be short. We still want to do that; our indicators are overbought, and we look for this market to turn lower.
We have talked about being friendly last few months. We do want a pullback closer to that 148 level to be a buyer. Currently we look for this market to turn lower.