Strate𝔾 Update - Week 29 | Q3 | 2024
Stocks at ATH's again, Bitcoin bouncing off the 200 day SMA
The information and insights are based on my knowledge; don’t take it as financial advice.
News of last week
Despite the assassination attempt, Donald Trump is still set to speak at the Bitcoin conference later this month.
Germany has liquidated its entire Bitcoin stash, worth $2.9 billion.
US inflation has dropped to 3%, beating expectations.
Goldman Sachs, managing $1.64 trillion in assets, plans to introduce three tokenization projects this year.
CFTC Chairman states that an Illinois court has classified Bitcoin and Ethereum as commodities, and asserts that 70-80% of cryptocurrencies are not securities.
Updated S-1 filings for spot Ethereum ETFs have been submitted by Fidelity, VanEck, Franklin, 21Shares, Grayscale, BlackRock
Tweet of the week —> “Early signs Miner Capitulation is ending.”
Current status 100% Winning strategy: 🔵—> ALL-IN
a price drop to $50.4k would flash the black signal.
Bitcoin
Step-like formation (2023 - ) - Update
Bitcoin has bounced back above $60k. Structurally, there’s one decisive move needed to fully leave Base 4 / Correction IV behind. Extending about 10% beyond the current ATH and closing a weekly candle at those levels will confirm wave IV is final.
On the other hand, if the price continues its downward trend, a weekly close below the $50.4k price level will signal the imminence of a deeper bear market first and hence delay wave V.
If the price falls below $31.8k, wave V within this structure will be fully invalidated.dated.
Cup with Handle formation (2022 - ) - Update
Base 4 is also the handle of the giant cup with handle pattern we’re tracking. Now price is bouncing, it can act as a busted double top pattern, since it broke back above $60k. Price shouldn’t close a weekly candle below $50.4k in order to not enter bearish territory and postponing a move to $200k+.
