StrateG Update - Week 27 - Q3 - 2023
Introduction - Overview of this week - Supermacro context
CONTENTS
Overview of this week
Supermacro context
Please note that while I can provide information and insights based on my knowledge, it's important to remember that I cannot offer specific financial advice. #nfa
Overview of this week
Bitcoin (BTC)
Bitcoin ($BTC) - Monthly Indicators Point to Bullish Momentum:
Several monthly indicators are currently indicating bullish momentum for Bitcoin:
CMF (Chaikin Money Flow) > 0: The CMF indicator shows that there is accumulation and buying pressure in the market.
RSI Killer flashing green after printing "Bottom": The RSI Killer indicator, after reaching a low point, is now showing a green signal. This indicates a potential bottom formation and a shift towards a bullish trend.
LOG(MACD) printing green candle, bullish cross: The logarithmic Moving Average Convergence Divergence (MACD) indicator is displaying a green candle and a bullish crossover. The blue line has crossed above the orange line, suggesting a potential bullish reversal.
To strengthen the bullish case, it is worth comparing the current indicators with those observed during past bottoms.
This week the bulls have pushed above the 2Y+ downtrend but got rejected twice on a lower timeframe.
However, with each attempt, the severe resistance is gradually weakening, as seen by the formation of local higher highs.
Altcap
ALTCAP Excluding $ETH (TOTAL3) Shows Promising Signs:
