StrateG Update - Week 38 - Q3 - 2023
No-man's-land cont'd cont'd cont'd
CONTENTS
Overview of this week
Bitcoin - $BTC
Shortterm Elliott Wave
DCA-zone
2Y+ channel is broken
Bullish X
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 News:
A list of asset managers, including BlackRock, Fidelity, Invesco Galaxy, Franklin Templeton, WisdomTree, VanEck, GlobalX, ARK Invest, Valkyrie, and Bitwise, applies for a Bitcoin ETF. Combined, they manage $17.7 trillion in Assets Under Management (AUM).
The potential impact if these asset managers allocate just 1% of their wealth to Bitcoin is highlighted, suggesting significant bullish sentiment in the crypto market.
JPMorgan expresses disappointment with Ethereum's performance since its Shanghai upgrade.
FTX CEO Sam Bankman-Fried made substantial donations to political figures Kevin McCarthy and Mitch McConnell.
Financial News:
The Federal Reserve has decided to pause and hold interest rates steady at 5.25% - 5.50%. The FOMC members' dot plot projections reveals that 12 out of 19 of them anticipate a single rate hike by year-end. The FED does not expect a recession until at least 2027.
Citigroup, a $1.72 trillion asset manager, introduces a digital token and private blockchain system for real-time payments.
The US national debt reaches a record-breaking $33 trillion.
Japan's largest investment bank, Nomura, launches a Bitcoin fund aimed at institutional investors.
Apple is exploring the possibility of adding built-in stock trading features to iPhones.
Tweet of this week —> “This is why it is called a Debt Spiral.”
Bitcoin (BTC)
Historically, the analysis of BTC's price movements reveals a notable pattern. When observing BTC's performance as it ascends from its lower black trendline, we've consistently observed angles of surge within the range of 65° to 78°. This pattern suggests a degree of predictability in its upward momentum.
Furthermore, as we set our sights on the upper black ceiling trendline prior to the halving event, we find that the required angle is notably modest, falling within the range of 71-73°. This implies that, historically, BTC does not require an excessively steep ascent to reach this upper boundary.
In light of these historical precedents, it becomes evident that the concept of a pre-halving blowoff top is not merely speculative but is firmly anchored in the patterns and trends that BTC has exhibited over time.
