Strateš¾ Update - Week 40 | Q3 | 2024
ALTCAP breaking out of handle, Stocks to new ATHs, Q4 incoming
The information and insights are based on my knowledge; donāt take it as financial advice.
News
Ohio Senator Niraj Antani introduces legislation to permit the payment of state and local taxes using Bitcoin and other cryptocurrencies.
FED's Raphael Bostic expresses openness to an additional 50 basis points interest rate cut in November.
SEC Chair Gary Gensler affirms that Bitcoin does not fall under the category of securities.
PayPal launches a new feature allowing U.S. businesses to buy, sell, and hold cryptocurrencies.
BlackRock has acquired 359,279 Bitcoins, valued at over $23 billion, since the beginning of 2024.
Visa partners with banks to pilot tokenized assets and smart contract technologies.
Binance founder Changpeng Zhao (CZ) has been released from prison.
Caroline Ellison sentenced to 24 months in prison in relation to the FTX fraud case.
Tweet of this week: ā#Bitcoin is a proven safeguard against money printing.ā
Current status 100% Winning strategy: (šµ)ā> (ALL-IN)
a weekly candle close below $56.6k would really flash the black signal.
Risk-On Warning: First Blow-Off incoming!
The Yield spread (10-2Y) has reversed well back above zero after staying below for over 2 years. Yield curve has flipped back above zero. With the FED rate now really cut strongly, indicators are lining up in a prerecession formation.
Similar patterns preceded a recession within 6 months in the past, but ignited a final rally first. After that? Sharp collapse. Compare it yourself in the chart below.
Bitcoin
Bitcoin (BTC) is currently priced at $65,000 on the weekly chart and is on the verge of breaking out from a 6.5-month falling broadening wedge pattern.
Historically, a falling broadening wedge within an uptrend has a 79% probability of breaking to the upside. Additionally, there has been a strong rebound off the 40-week simple moving average (SMA) band, further supporting a potential upward move.
As long as the price closes the week above the 56.6k 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.