Strateš¾ Update - Week 34 | Q3 | 2024
DXY tanks, stocks surge, BTC undecisive
The information and insights are based on my knowledge; donāt take it as financial advice.
News
Italy's second-oldest bank, Banca Sella, will soon offer Bitcoin trading to over 1.3 million customers.
Dubai officially approves the use of Bitcoin and cryptocurrencies for salary payments.
Morgan Stanley, managing $1.3 trillion in assets, discloses Bitcoin ETF holdings worth $187 million.
Goldman Sachs reveals it holds $418 million in Bitcoin ETFs.
DRW Venture Capital reports $150 million in Ethereum ETF holdings.
U.S. inflation drops to 2.9%, slightly below the expected 3.0%.
Bitcoin miner Marathon Digital plans to raise $250 million to purchase more BTC.
Tweet of the week ā> āThe labor market is weaker than the headlines make it seem.ā
Current status 100% Winning strategy: šµā> ALL-IN
a weekly candle close below $53.7k would flash the black signal.
Bitcoin
A weekly close above the $53.7k price level will pave the way for a strong recovery and potential expansion towards $200k. As long as the price holds above this level, the iv-v wave shown below will likely be confirmed by surpassing the ATH set earlier this year. It's evident that the price is still in the iii-iv correction phase, with the exciting final blow-off wave iv-v yet to begin.
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.
Notice how wave iii-iv now qualifies as a descending broadening wedge, comparable to the correction containing the COVID-dip [(1)-(2)].
