Market Update - October 18, 2023

Beware of the US government

Bitcoin’s price pumped after a bogus report of a US spot ETF approval.

Some people are screaming about market manipulation. That’s reasonable. It wouldn’t surprise me if there was some orchestrated plot to pump the market.

So what? These pumps happen all the time. We don't need fake news to move the market up or down 5–10% in a day. It’s happened several times already this year.

At a minimum, we need to see bitcoin’s price go higher than $32,000 before we can talk about a “breakout” or the sort of upswing that I’ve warned you about. This is just normal volatility—more horizontal, sideways action, as expected.

Those expectations may change with the shifting trends I’ve pointed out in recent updates. Let’s keep an eye on those. Today’s update covers these topics:

  • Video

  • Trading signals for non-traders

  • Mo’ metrics (and a shock)

  • 30,000 US government bitcoins with nowhere to go

I strongly advise you to read the summary below and watch the video update! You miss too much when you get only one of them!

To speed up the video (shorten the playing time), tap the circled gear button at the bottom-right corner of the video. A playback speed of 1.5 should do ok for most of you.

Sorry for interrupting your reading, but I need to let you know that I am looking to finalize my next list of sponsors!

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