Strateš¾ Update - Week 33 | Q3 | 2024
BOUNCE after leveraged trades are flushed out of the system.
The information and insights are based on my knowledge; donāt take it as financial advice.
News
Celsius files a lawsuit against Tether, seeking $2.4 billion in Bitcoin.
U.S. credit card debt hits a record high of $1.14 trillion.
Donald Trump warns of an impending economic crisis, likening it to the 1929 crash, predicting a depression, and cautioning about the potential for a new world war.
Russia officially sanctions Bitcoin and cryptocurrency mining.
JPMorgan estimates the likelihood of a U.S. recession at 35% by the end of the year.
Judge concludes Ripple's $XRP is not a security, ordering the company to pay $125 million in civil penalties, effectively ending the SEC lawsuit.
Michael Saylor discloses personal Bitcoin holdings exceeding $1 billion.
Morgan Stanley advisors set to offer clients access to spot Bitcoin ETFs starting August 7th, managing assets worth $1.3 trillion.
Tweet of the week ā> āI'm pretty sure something is happening behind the scenes..ā
Current status 100% Winning strategy: šµā> ALL-IN
a weekly candle close below $52.8k would flash the black signal.
Bitcoin
During last weekās global market crashes, Bitcoin has tested itās bull market support at $50k (0.786 Fib. level). Given the fact price has printed a local lower low, itās clear price is still within the iii-iv correction and the anticipated final blow-off wave iv-v hasnāt started yet.
Invalidation for wave iv-v to play out lies at $31.8k. Based on historical data a fifth wave seems unlikely whenever price closes two Fibonacci levels lower, in this case a close below $40k. Also a weekly close below the $52.8k price level would complicate things for a swift recovery and expansion to $200k.
Notice how wave iii-iv now qualifies as a descending broadening wedge, comparable to the correction containing the COVID-dip [(1)-(2)].
