StrateG Update - Week 43 | Q4 | 2023
Disbelief all over the place
CONTENTS
Overview of this week
Bitcoin - $BTC
Shortterm Elliott Wave
2Y+ channel
Step-like formation
Ethereum - $ETH
Altcap
Stocks
US Dollar Index (DXY)
Supermacro context
Bitcoin
SP500
US Dollar Index (DXY)
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
News of this week
Crypto:
BlackRock's iShares Bitcoin Trust is now listed on the Depository Trust & Clearing Corporation (DTCC).
SEC Commissioner acknowledges shortcomings in handling Bitcoin and crypto, suggesting room for improvement.
A judge issues an order for the SEC to reevaluate Grayscale's proposal for a Spot Bitcoin ETF.
Bitcoin has experienced a 107% surge in value within the current year.
CFTC Commissioner expresses the belief that the market is prepared for Spot Bitcoin ETFs.
SEC Chair Gary Gensler discloses having 8-10 applications for Bitcoin ETFs awaiting the commission's review.
US Senator Cynthia Lummis calls on the Department of Justice to pursue criminal charges against Binance and Tether.
Sam Bankman-Fried claims that he believed it was within the bounds of the law to access FTX customer funds through Alameda Research.
SEC files charges against BlackRock, citing a lack of disclosure regarding their investments.
Tweet of this week —> “The problem with convictions”
Bitcoin (BTC)
Shortterm Elliott Wave - Update 🎈
Six weeks ago I showed two options for the first correction in the Elliott Wave which started in Nov’22. For a long time price opted for the running flat, which got confirmed this week by breaking above the B-wave.
Cheers to everyone who didn’t get bored out!
Running Flat (solid black line): When C is higher than A, I expect it for 95% to play out this way, invalidation lies at $24.8k.
Irregular Flat (dashed black line): When C is lower than A, I expect it for 5% to play out this way, with a bottom target set at $22k at the 0.5 Fib level of W1.
