Strateš¾ Update - Week 35 | Q3 | 2024
DXY prints 400-day-low, stocks back at ATH, BTC breaks above 200 day SMA
The information and insights are based on my knowledge; donāt take it as financial advice.
News
Tether is set to introduce a stablecoin tied to the UAE dirham.
According to Kommersant, Russia plans to establish two cryptocurrency exchanges and release stablecoins pegged to the Chinese Yuan and a BRICS currency.
The Federal Reserve is under scrutiny for possibly lagging in its rate adjustment strategy, especially in light of new data revealing 818,000 fewer jobs were created in March than originally reported. The Fed, which is expected to reduce rates from their 23-year peak in September, might need to reconsider its approach given these employment figures.
Senate insiders suggest that Kamala Harris is contemplating appointing Gary Gensler as Treasury Secretary should she win the presidency.
Tweet of the week ā> āUS economy added 818,000 fewer jobs in March of this year than initially reported.ā
Current status 100% Winning strategy: šµā> ALL-IN
a weekly candle close below $54.2k would flash the black signal.
Bitcoin
As long as the price holds above the 54.2k 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)].
