StrateG Update - Week 31 - Q3 - 2023
CONTENTS
Overview of this week
Bitcoin - $BTC
Trend-based extensions
2Y+ channel is broken
Bullish X
Horizontal resistance
Step-like formation
Altcap
Stocks
US Dollar Index (DXY)
Supermacro context
Bitcoin
SP500
US Dollar Index (DXY)
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
Crypto-related News:
The Securities and Exchange Commission (SEC) asked Coinbase to suspend all cryptocurrency trading except for Bitcoin before initiating a lawsuit against them. Coinbase asserts that the SEC lacks the authority to pursue the case and expresses confidence in winning the legal battle.
FTX, which previously filed for bankruptcy, confirms its intention to relaunch the cryptocurrency exchange.
The US Government is contemplating potential fraud charges against Binance.
US Congressman Warren Davidson advocates for the importance of individuals having control over their cryptocurrencies and calls it essential for defending freedom.
China announces plans to develop a blockchain infrastructure system in Shanghai by 2025.
Financial News:
The BRICS countries (Brazil, Russia, India, China, and South Africa) plan to settle global trade in local currencies, aiming to reduce reliance on the US dollar. Brazil's President also calls for an end to the US dollar's trade dominance.
JPMorgan revises its stance and no longer anticipates an upcoming recession.
The US Government has initiated an investigation into BlackRock, a $9 trillion asset manager, concerning its Chinese investments.
Bitcoin (BTC)
Elliott Wave Count for $BTC [15m]:
I. An impulse wave with an extended fifth wave (v-wave).
II. A sharp zigzag correction that retraced approximately 78.6% of wave I.
III. The next upward move, which is expected to go far beyond the $30k level, has started with a leading diagonal.
Invalidation Level: If the price dips below $28.6k
