Hello from CFT (our video is out!),
We mentioned last week that stocks were continuing to drag down Bitcoin. We have been in cash; we nibbled a little bit at $34,500; we will nibble on stair steps lower. We still expect this to resolve higher, but stocks are pulling down the price of Bitcoin, and we are in a risk-off environment.
Again, we have talked about the wave 4; we keep lowering that a little bit. Our indicators were oversold early last week, and after the FED meeting, they went too quickly overbought. So, it looks like we got a little bit more lower to go in stocks before a turn.
We have talked about being short, we have not done that yet but wanted to be short, but we are watching.
On Precious Metals,
We have had a backup to previous resistance. We think here at 138 we could dig in and go back and assault the highs at 170.