StrateG Update - Week 49 | Q4 | 2023
Alts are catching up
CONTENTS
Overview of this week
Bitcoin - $BTC
2Y+ channel
Step-like formation
Altcap
Stocks (SP500, Nasdaq)
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
NEW: Key take aways
Bitcoin continues parabolic move beyond $40k, next resistance $47.2k
Altcoins are lagging but starting to catch up with BTC
Stocks are breaking out of the cup and handle pattern (Nasdaq), the SP500 is on the verge of breaking out
The dollar has bounced a little on a strong US jobs report, but formed a bearish pattern on the 4h chart.
News of this week
Bitcoin surpasses the market cap of major companies including Visa, Tesla, HSBC, Disney, Walmart, McDonald's, Mastercard, Bank of China, Morgan Stanley, Bank of America, JPMorgan Chase, American Express, and Berkshire Hathaway.
Bloomberg predicts a new crypto supercycle, foreseeing Bitcoin reaching above $500,000.
Brazil's largest bank, Itau Unibanco, enters the cryptocurrency trading services.
CNBC declares Bitcoin as the first asset in history "more scarce than gold."
JPMorgan CEO Jamie Dimon suggests shutting down Bitcoin and crypto, citing concerns about criminal use.
SEC engages in discussions with Spot Bitcoin issuers, progressing to key technical details.
SEC meetings also held with Fidelity regarding its Spot Bitcoin ETF.
VanEck anticipates the approval of the first Spot Bitcoin ETF in Q1 2024.
Fidelity's Spot Bitcoin ETF (ticker $FBTC) listed on DTCC, with the SEC holding meetings to discuss it.
Senator Elizabeth Warren labels crypto as the "New Threat Out There."
Terra Luna Founder Do Kwon faces extradition to the US.
Tweet of this week —> “Blaming crypto for terrorism is like blaming paper for forgery.”
Bitcoin (BTC)
In the weekly chart, $BTC has breached $40k and eyes the $47.2k resistance. The diminishing peaks in ‘vertical volume (blue)’ suggest decreasing upward resistance, paving the way for a parabolic move beyond ATH.
The $47.2k resistance coincides with the upper trendline of the black rising channel.
It’s imperative to break this resistance, as it’s the final straw bears clamp to, so be prepared for some volatile shake-outs in each direction. Given the ‘vertical volume’, the resistance to the upside diminishes, not much trading action has taken place at those price levels.
On the 6-hour chart, Bitcoin is forming a pattern of successive higher highs and higher lows within an ascending channel. The price has recently breached the upper boundary of this channel and retested it. Something like this is on the weekly timeframe could be expected in case of bullish continuation.
