Hello and good evening!
This weeks update is very similar to last weeks.
I wrote that "When $BTC is stable, without any significant moves, ALTS usually get spikey."
That's exactly what happened with 2 of our ALTS within the GRAZZP portfolio. They outperformed the market very well: $SKL +42% and $SNX +21%. I just sold them and bought more BTC, just to make sure we are not giving it back to the market.
let's proceed to the 1D BTC chart.
How does the chart look like today?
The chart looks bullish. Price did correct a bit, and is moving to the red box. I still expect BTC to correct a bit more, before hitting the red box.
Why do I think that?
Cloud is green
Price is above the green cloud
Price is above the red line
Lagging span (green line) is above the green cloud
Just below 70% and it did not pass the 50% level yet. Its now not really "overbought", but the needed correction before giving it a strong next push, did not happen yet.
What could be the Target?
Because of the small correction i changed the Elliott Wave count and placed the green 4th leg just below 34.800 dollar.
Preferably i would like to see a retest to at least 33,4K, but hopefully a bit deeper to 32K dollar and then up to +- 40K.
What does this mean for GRAZZP™ Strategy?
We stepped fully into ALTS last week, because $BTC was stable and ALTS looked prime to pump. Now i can't find any clear ALT Longs. $BTC is still looking very strong nevertheless, therefore I increased $BTC.
As you know, I'm always keeping an eye on $BTC. If it shows weakness, or hits the red box, I will sell most ALTS to take profit and try to buy back cheaper.