Today was quite the momentum occasion.
For today is the first day in 20 years that I got ticketed for speeding.
Yep super fun, and also kind of ridiculous.
At least the last time I got one I totally deserved it.
Oh well, enough about me.
So while I was getting that speeding ticket apparently Cointelegraph was publishing fake news on Twitter regarding the approval of the Blackrock Spot ETF. I wish I had been on the Internets when this happened because I'm genuinely curious as to how I would reacted to the news.
Considering how much coverage I've been giving the SEC lately I feel like I would have immediately been skeptical and not believed it. After all, approving Blackrock before Grayscale like that would be a massive conflict of interest. Imagine being the SEC and losing in court the way that they did, with the judges basically telling them they better figure their shit out because what they did was either full on incompetent or corrupt (spoiler alert: corrupt). Then to immediately turn around and approve a delayed Blackrock application? The optics on that are awful. Just terrible.
In any case...
None of this matters very much. The price pumped less than 10% and crashed just as quickly. Most users in crypto seem to be blowing this situation way out of proportion, and I'm not sure why. Again, I think it all comes back to this idea that a 10% pump is a lot. It's not. We've all seen the 30%+ god candles that can rock this market within an instant.
However, no one seems to remember the good ol' days. Instead many are speculating that this is a case of insider trading or even a test of the market itself from the very ETF players that have pending applications. Really guys? Institutions are going to manipulate the market they're trying to get SEC approval on? Yeah totally that makes sense. NOT.
Chalk it up to people being bored.
We've been crab-walking for so long that every 1% move in the market gets attributed to some ridiculous hot take. It's that crypto madness. Seems like everyone's much more comfortable in an extremely volatile environment than a stable one, which is sad when you think about it because a stable environment is exactly what we need for legitimacy and actually building up businesses atop this tech stack.
The chart tells an interesting story.
And all this off the heels of Jim Cramer himself literally saying:
MR BITCOIN IS GOING DOWN, BIG!
Yeah seriously who told him to say that shit... lol.
Point being that the market pumped before the fake news, and it kept pumping after as soon as all the leveraged got flushed. If you can't tell from the chart: this is what ONLY UP looks like. The price isn't going down. Not only that, it's above the critical $28k level.
Uh... yeah still hugely bullish.
The 100 day moving average is going to continue declining no matter where the spot price of Bitcoin goes over the next week. The last dip we got was the death-cross between the MA(100/200). The MA(50) held as support, and now we've rocketed off that level and tower above all the averages despite the fakenews being disproven immediately.
This tells us one simple thing: the market wanted an excuse to go up, and even completely BS fakenews could act as the catalyst. All we have to do is trade above $28k and the BIG golden cross will happen. That's where the light blue MA(25) line goes above the light green MA(100). Why is this the most significant golden cross? Because it's the one that most traders are looking at by default.
It was always going to be like this.
Again, when all the moving averages are this close together (<10%) this points to a very rare type of stability that almost never ever happens in crypto. Bitcoin hasn't been this stable since before 2020. Whenever that happens the price can only go up. A stable base in Bitcoin will always lead to a springboard upward. As we inch closer to November, things are looking pretty damn good for the historically most volatile month.
10:40
What's the first you heard about this rumor?
Actually I've been busy all day I probably heard it an hour ago.
But it's like wishful thinking isn't it?
Well I can't talk about the specifics of anything.
I think it's just an example of the pent up interest in crypto.
We're hearing from clients around the world about the NEED for crypto.
I think some of this rally is way beyond the rumor.
The rally today is about a flight to quality.
-- Larry Fink
WHAT?
Larry Fink... literally the guy named Fink. CEO of Blackrock... says, "Well I can't talk about it," but then proceeds to shill crypto (not even Bitcoin) to the moon. Did LARRY FINK just call today's crypto rally a FLIGHT TO QUALITY? Did he really? That's insane. Everyone knows that crypto is supposed to be TRIPLE-RISK-ON but then he puts it in the same category as treasuries and gold. Wow. Just wow. I can't even. What is happening right now?
How long ago was it that these exact same institutional players were saying that crypto was complete garbage? It really was not that long ago. Now they have a product they need to sell and they are shilling hard. So what is it that Larry Fink "can't talk about"? Well he was replying to the question, "But it's like wishful thinking isn't it?" Saying he can't talk about it is the same as saying,
No, it's not wishful thinking, the Blackrock ETF will get approved, soon™
But instead of saying that... what did he say? He elevated crypto (not Bitcoin) above all other hedges and compared it to gold and treasuries during uncertain times. He heavily implied that Bitcoin crypto is actually better than both treasuries and gold because we all know that Bitcoin has infinite upside, whereas gold can only go up a little at best and treasuries are even worse in the reward department. Therefore to compare the downside of crypto to these same assets is to firmly declare it superior to them. Truly some insane statements coming from Larry Fink in the wake of this fakenews. All one has to do is read between the lines. He's saying a lot of things.
Conclusion
It's pretty nutty we've reached this phase in the game. "If you can't beat 'em, join 'em." This is where Bitcoin finds itself right now. And how to maximalists respond to this obvious money attack? They embrace it with open arms. Perhaps this was always the way it was going to be.