Strateš¾ Update - Week 36 | Q3 | 2024
Decision zone for BTC, DXY and stocks
The information and insights are based on my knowledge; donāt take it as financial advice.
News
Qatar formally establishes a regulatory framework for digital assets.
Asset management firm VanEck forecasts that Bitcoin could potentially reach a value of $2.9 million per coin by the year 2050.
Goldman Sachs initiates layoffs, cutting over 1,300 jobs.
Donald Trump pledges to make the U.S. the global leader in cryptocurrency if he is re-elected.
The SEC has approved a new rule mandating mutual funds and ETFs to disclose their portfolio holdings monthly instead of quarterly.
Nasdaq seeks approval from the SEC to offer Bitcoin options trading.
Russia plans to begin utilizing cryptocurrency for international payments starting this week.
Tweet of the week ā> āOnce $BTC leaves Base 4, the steepest kind of ascent $BTC has ever witnessed is to be expected.ā
Current status 100% Winning strategy: (šµ)ā> (ALL-IN)
a weekly candle close below $54.6k would really flash the black signal.
Bitcoin
As long as the price closes above the 54.6k 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)].
