Strateš¾ Update - Week 41 | Q4 | 2024
ALTCAP retests break out of handle, BTC bulls trying to break to the upside
The information and insights are based on my knowledge; donāt take it as financial advice.
News
A judge has given the green light to FTX's bankruptcy plan, which aims to repay all crypto customers in full, along with interest, in cash.
BlackRock, a $10 trillion asset management firm, states that cryptocurrency adoption is outpacing both the internet and mobile phones.
Politico reports that Robinhood's Chief Legal Officer, Dan Gallagher, could potentially replace Gary Gensler as SEC Chair if Donald Trump is re-elected as president.
The UAE has abolished taxes on all cryptocurrency transactions.
Coinbase is planning to remove USDT from its listings in the European Union due to non-compliance issues.
A new HBO documentary about Bitcoin claims to have revealed the true identity of Satoshi Nakamoto.
Mercado Bitcoin, Brazil's largest crypto exchange, has partnered with Ripple to facilitate cross-border payments.
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 $57k 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 $63,000 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 57k 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.