Hello from CFT (our new video is out!),
Last week we warned of lower stock prices dragging down Bitcoin. That did occur most of last week. We had mentioned that we were mostly in cash.
On the break to $28,000-$30,000, we did nibble on some Bitcoin and Ethereum and a few Alts. We are only about 30% long. Looking to trade here in the next week or two before we think this thing resolves higher, as we have been saying.
Thursday, we saw Apple and some of the majors come under pressure. That could have marked a short term low for stocks. So we’re looking for still higher. But again, we will be trading stocks here, as we think this rally will meet resistance soon.
we have talked about wanting to be short. It’s continued higher, but currently, we have no positions. Looking to be short in the future.
we talked about 138 possibly being support for a return to new highs. We did have increased selling coming in; we’re going to stay on the sidelines for precious metals as well.