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Strate𝔾 Update - Week 20 | Q2 | 2024

Strate𝔾 Update - Week 20 | Q2 | 2024

Stocks at ATH, BTC bouncing, dollar falling

Gert van Lagen's avatar
Gert van Lagen
May 18, 2024
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Strate𝔾 Update - Week 20 | Q2 | 2024
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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


News of this week

  • U.S. inflation drops to 3.4% year-over-year.

  • The U.S. Senate overturns an SEC rule that prohibited highly regulated financial firms from holding cryptocurrencies.

  • ETFs:

    • UBS, the largest bank in Switzerland, announces its investment in BlackRock's Spot Bitcoin ETF.

    • Bank of Montreal, Canada's fourth-largest bank, reveals holdings in a spot Bitcoin ETF.

    • The State of Wisconsin Investment Board declares the purchase of $99 million worth of BlackRock's Spot Bitcoin ETF.

    • Vanguard appoints Salim Ramji, BlackRock's former global head of ETFs, as new CEO. Vanguard had previously banned all spot Bitcoin ETFs from their platform in January.

    • Millennium Management reports a $2 billion portfolio in spot Bitcoin ETFs.

    • 937 financial institutions disclosed holdings in spot Bitcoin ETFs in Q1 2024, compared to just 95 firms invested in Gold ETFs in its first quarter.

  • CME Group, the largest futures exchange globally, announces plans to introduce Bitcoin trading.

  • Chainlink ($LINK) successfully completes a test with JPMorgan, Templeton, BNY Mellon, and other major U.S. banks to advance the tokenization of funds.

  • Development of a BRICS currency is underway.

Tweet of this week —> “Global liquidity forming a bullish ascending triangle.”


Current status 100% Winning strategy: 🔵—> ALL-IN

Updated chart, shows $BTC remains in the blue all-in zone, more info:

CRYPTO:BTCUSD Chart Image by MrGert

Bitcoin

→ Supermacro Context

Logic argument:

Image

Premises/Propositions:

  1. Every peak on the RHODL ratio coincides with the price touching the blue trendline on the symlog chart.

  2. Every instance of the price touching the blue trendline represents a blow-off wave (subwave 5) of the Elliottwave count incorporated in the chart.

  3. The current price is within (5) of point ⑤.

Conclusion:
Price is within a blow-off wave and heading for the blue trendline. Long-term holders distribute hodled coins to shorter term holders, causing the RHODL ratio to surge into the red zone, the zone where price is anticipated to peak.

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