Hello from CFT (our new video is out!),
We are down about $1,000 in Bitcoin since our last update. We were looking for a little bit higher as we are 30% long. We are still in trading mode here. A rally to $32,000-$33,000 probable we will take some profits. And a break down below the lows at $26,500 we will add to our long positions, Again, we still think we resolve higher intermediate and longer-term, but for now, we are staying in trading mode.
We talked about still trying to form a low. Our indicators did go on a sell at last week’s Tuesday close. So we were looking for a new low; our indicators are now still neutral. So once again, be a buyer on weakness, probably a seller on strength.
We have talked about wanting to be short.
We have continued up higher; we got some selling last week. Our indicators are oversold, so we want to see how next week’s rally looks before making a call.
We have been leaning bullish but did have some selling coming in off that high. Indicators are overbought, so we are on the sidelines with precious metals.