StrateG Update - Week 45 | Q4 | 2023
Alts are getting into position
What are you missing in this newsletter, I look forward to your feedback 👇
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, a $9 trillion asset manager, registers Ethereum Trust in Delaware and officially files for a Spot Ethereum ETF with Nasdaq.
BlackRock expresses confidence in the SEC approving the Spot Bitcoin ETF by January.
HSBC, a global banking giant, plans to launch a digital-assets custody service for institutional clients.
A US Treasury Official states that the Biden administration seeks new authorities from Congress to regulate cryptocurrencies. Senator Ted Budd introduces a bill to safeguard the right to self-custody for Bitcoin and crypto.
SEC Chair Gary Gensler hints at the possibility of the FTX crypto exchange undergoing a reboot under new leadership.
Crypto exchange Poloniex faces a hack resulting in a loss of over $100 million.
Other
Moody's downgrades the US credit outlook from stable to negative.
Bank of England suggests including stablecoins as a payment alternative for goods and services.
Evergrande initiates Chapter 15 bankruptcy proceedings in the US.
Tweet of this week —> “Still waiting on the halving?”
Bitcoin (BTC)
This bullish pennant (red+blue trendlines) on the 6h-chart has a target of $46k on the shortterm.
Price has broken above the ascending channel and retested it neatly with multiple wicks into the channel but closing every 6 hours back above it.
2Y+ channel - Update
The parabolic surge of W5 has started. After the struggle of months (compare red circles), Bitcoin has succeeded to overcome the gravitation of the 2.25Y+ descending 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)