Strate𝔾 Update - Week 52 | Q4 | 2023
Great yearly closes
Please note that while I can provide information and insights based on my knowledge, it's important to remember that I cannot offer specific financial advice. #nfa
Strate𝔾 Channel update December: LINK TO YOUTUBE
Key take aways
Bitcoin grinds upward after multiple successful tests of $40k, parabolic move intact, next resistance $47.2k
Altcoins are still lagging a bit w.r.t. BTC
SP500 and Nasdaq-100 had great yearly close this week, Nasdaq-100 even closed the year above the previous all-time-high!
The dollar has dumped further, FED’s favorite inflation gauge came in lower than expected.
News of this week
Billionaire Tim Draper anticipates Bitcoin reaching $250,000 by 2024.
The US national debt has surged to a new record of $33.9 trillion.
MicroStrategy acquires an additional 14,620 Bitcoin (BTC) valued at $615 million, bringing their total Bitcoin holdings to 189,150, worth $8.1 billion.
India plans to prohibit access to nine cryptocurrency exchange URLs, including Binance, Kraken, Huobi, Kucoin, Bittrex, Gate.io, Bitstamp, Bitfinex, and MEXC Global.
VanEck unveils a new commercial for its Spot Bitcoin ETF.
A judge rejects Binance founder CZ's request to leave the US before sentencing.
BlackRock authorizes JPMorgan as a participant for the Bitcoin ETF. Coinbase reports thorough preparation for Spot Bitcoin ETF approval.
Sam Bankman-Fried donates $100 million in misappropriated customer funds to US politicians. The US Government drops six charges against SBF and will not prosecute him for a political campaign finance violation.
Tweet of this week —> “The greatest Bitcoin explanation of all time.”
Bitcoin (BTC)
Current status 100% Winning strategy: 🔵
🔵 Market starts bullrun, <BOTTOM IS IN>
Best to be fully scaled in at this point
𝔾-indicator flashes black after long time blue
2Y+ channel - Update
The parabolic surge of W5 stagnates a bit but keeps on track for an ATH before the halving. After the struggle of months (compare red circles), Bitcoin has succeeded to overcome the gravitation of the 2.25Y+ descending channel.
The main Fibonacci extension targets of W4 are at $150k, $170k and $220k, where the last one aligns closely with the upper trendline of the supermacro channel.
It's important to note that W5, being a blow-off wave, might exhibit a steep ascent as depicted, but the key point is that there's one final impulse left.
Here the updated chart:
Elliottwave count:
W1: 1st impulse
W2: 1st correction (zigzag, sharp)
W3: 2nd impulse (momentum)
W4: 2nd correction (expanded flat)
W5: 3rd impulse (blow-off, next up)