VirtualBacon

Elon Acquired Twitter on Friday, the 28th.

After buying out Twitter, Elon revealed his plans to build the "everything app", with Social Media, Payment, and a bunch of things rolled into one.

He called this the X app, referring to the vision of X.com, his first company before it became PayPal.

People are speculating that DogeCoin could be merged into Twitter to complete this vision of an online peer-to-peer payments system.

While he hasn't said anything, DOGE has already rallied 140% this wee

FOMC day November 2nd.

Hikes By 75Bps; Target Range Stands At 3.75% - 4.00%

Interest Rate On Reserves Balances Raised By 75Bps To 3.90% From 3.15%

Unanimous Fed Vote In Favour Of Policy - Prepared To Adjust Policy As Appropriate, 'Highly Attentive To Inflation Risks'

Ukraine War Creates Additional Upward Pressure On Inflation, Weighs On Global Economic Activity

TL;DR:

Slow down sometime, Maybe 50bps in December

Terminal rate higher

Premature to even talk about pausing

Soft landing still

Bitcoin dominance has had a retrace this week, as a few large alts like ETH and DOGE had major rallies this week. However, beware of this move as we are still in a risk-off cycle for Altcoins and the risk of holding Altcoins here is still high.

Back in April we had a similar bull-trap on Bitcoin dominance where Altcoins briefly rallied but got destroyed when markets dumped in June.

I continue to focus on accumulating BTC and ETH in this risk-off period, as it gives me a good balance of safety

Ethereum is still looking strong as a new support level is made at 1200.

As discussed last week, in order for Ethereum to break out of its downtrend, it needs to make a higher low followed by a higher high. This is the classic reversal signal from a downtrend into a new uptrend.

Looking at the Ethereum price action since last November, we see a clear downtrend as indicated by a series of Lower Highs (LH) and Lower Lows (LL).

This is why the recent bounce on Ethereum is so important, as we hav

Although Bitcoin has had a significant bounce, it's still within the long term range between the 18.5k support and 24.5k resistance.

We have warned in last week's newsletter against calling the Bitcoin bottom too early.

Zooming out shows the clearer picture around the recent move. 24.5k is the previous lower high made in August. In order for Bitcoin to reverse the downtrend since November 2021, it needs to make a higher high above the previous lower high.

Therefore, Bitcoin needs to at least