StrateG Update - Week 29 - Q3 - 2023
Patience is key
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
SEC Chair Gary Gensler expresses disappointment over the court ruling that $XRP is not a security, and he continues to voice concerns about fraud, scams, and abuse in the crypto industry.
US Congressman Ritchie Torres urges SEC Chair Gary Gensler to halt its aggressive actions against cryptocurrencies, asserting that cryptocurrencies are not securities.
Presidential candidate Robert F. Kennedy Jr. announces plans to exempt Bitcoin to US dollar conversions from capital gains taxes, indicating potential tax benefits for crypto investors.
Additionally, Robert F. Kennedy Jr. proposes backing the US dollar with Bitcoin if elected as President in 2024, presenting a novel approach to monetary policy.
Societe Generale, France's third-largest bank, secures the country's first crypto license, signaling growing acceptance and adoption of cryptocurrencies within the banking sector.
The SEC includes BlackRock, Fidelity, and six other Spot Bitcoin ETF applicants in the Federal Register, reflecting the increasing interest and participation of major financial institutions in the crypto market.
Bitcoin (BTC)
Anticipating a substantial drop to 27-28k seems highly unlikely! The recent rock-solid test of 25k (level 1) sets the stage for an immediate surge once we encounter level 2 resistance again after 🟩.
Here's the pattern:
🟥 Rejection
🟨 Break
🟩 Retest
The sequence: 🟥 ... 🟥 +🟨 + 🟩 = parabola 📈
