Hello from CFT, our quick weekly update (enclosed video).
Thursday, September 10th, 2020
In front of us, we have the Bitcoin daily chart. We had expected a low to be made this last week, and we have been slow to come out of here, so we are a little bit concerned. So instead of having the ABC on the red…..meaning we have further bounce here…that possibly we are going to stop here and turn down again to like $9,300-$9,400 which is shown by the purple line. That’s what we are looking at today since the rally was kind of slow. It has been good in ETH, and LTC a little bit, but Bitcoin has been a little slow here. So, we think we are still on the middle of a correction, and we still have lower prices to go.
On stocks we have been using this chart, we still think stocks have turned down, we are getting a little bit of a bounce here, but we will resolve and turn lower here possibly even today.
The US dollar tried to dig out of a hole, but the last two days it has been back down, this does concern us…we still think the dollar is making a low, but not sure exactly how that is getting done., so we are going to watch this market.
Same thing with XAU (GOLD), we have had a little triangle pattern that we had warned about, it is still inside that pattern, but we are still short here, but really wanting a turn down from current levels.
Have a good week.