Metals and miners continue to steady after forming September lows. Continued upside into November would be bullish.

I see the potential for a buy rumor and sell the news event regarding the long-awaited bitcoin ETF.

Bitcoin prices spiked lower this morning. Not sure if it was a glitch or actual selling. Either way, it shows how fast prices can move.



Record Bitcoin Prices

Bitcoin rose to a new all-time high just after the launching of the long-awaited bitcoin ETF. Was the recent breakout above the April high legit or a false breakout to trigger retail buying? I’m not sure, but the potential for a fakeout is certainly there. I’m interested to see how prices react over the coming weeks.


BITCOIN DAILY: Below is a daily chart of bitcoin. Earlier this morning, prices collapsed to $54,100. The breakdown was brief and lasted just a few minutes. What caused today’s collapse, and is this a sign of something more serious?


BITCOIN 5-MIN: To verify today’s dip in bitcoin, I checked the 5-minute chart. It appears prices did fall to these levels briefly. Future prices didn’t correspond, so it appears the price dip was just on the changes.



ADA DAILY: After noticing the dip in bitcoin, I checked the Cardano (ADA) chart as well. The daily chart below shows prices fell to $1.80 intraday before quickly recovering. Prices appear to be consolidating after reaching a new all-time high ($3.09) in September.


ADA 5-MIN: The 5-minute chart of ADA shows the corresponding dip to $1.80. I’m not sure what caused the plunge.



If today’s breakdown in crypto was liquidity-related, then we could see more episodes like this in the future. I still consider Tether a ticking timebomb. It could be the biggest Ponzi scheme of all time. If Tether were to collapse, liquidity could evaporate, and I suspect crypto would plummet like never before.



Below is a Grant Willims podcast examining Tether.

The Grant Williams Podcast: Bennett Tomlin & George Noble




The Gold Cycle Indicator finished at 38.



-GOLD- Gold continues to struggle below the 200-DMA. A breakout above $1800 is needed to extend the current advance. Failing to breakout above $1800 in the coming days/weeks would favor more consolidation.


-SILVER- Silver is back above critical support. A breakout above $26.00 is needed to signal the next big advance. Until then, we could see more consolidation.


-PLATINUM- Platinum is challenging the $1050 level, and a continued rise above $1150 would support a breakout.


-GDX- As long as GDX stays above $31.00, I believe the September breakdown was a bear trap. To support an important bottom, I would have to see prices break decisively above the downtrend line near $37.00.


-SILJ- As long as prices stay above $12.00, we could have a significant bottom in place. A breakout above $15.00 is needed to trigger more upside.


-SPY- Stocks moved to a fresh all-time highs. It looks like prices will continue to move higher.


Have a great night.