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 week.

Smart money has been buying $DOGE , as they believe Musk could use twitter as a platform to pump/promote DogeCoin.

Charles Hoskinson, founder of Cardano, thinks it’s possible for Doge and twitter to somehow merge.

But can this really be done?

Elon has been advising the Core Doge Devs since 2019, and joined the Doge Foundation over a year ago.

Elon has certainly been a top Doge proponent, as he has previously used the coin as a payment method, and even here he teases the use of it for Twitter.

In the past, Elon has proposed to use an exchange as a second layer to minimize DOGE transaction cost.

Layer-2 rollup solutions are also widely adopted on Ethereum and easy to implement.

TwitterX could have a wallet, exchange, and layer-2 all built in.

With 500 million users under his company and unlimited resources, this merge is only a matter of Elon's will.

Will he make the most entertaining outcome actually come true?

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 possible but narrowing

POWELL: NO ONE KNOWS IF THERE WILL BE A RECESSION (Is he joking?)

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 and risk.

If you are in profits from some of the short term narratives like Chiliz/fan tokens highlighted in our newsletter, remember to secure profits.

We are still in a bear market. Focus on accumulating Bitcoin and Ethereum, and wait for the opportunities to come. Personally I will keep waiting until Bitcoin Dominance reaches close to the 47% level before buying into Altcoin positions for long term holds.

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 have formed the first Higher Low (HL) in the past year. A higher low is the first signal before a major reversal.

Following the recent rally, we need to watch the next few weeks closely as the recent higher low at 1200 needs to hold in order for the reversal scenario to continue for Ethereum.

If Ethereum dips back below 1200, the higher low made in October would be invalidated and the downtrend continues.

If Ethereum does stay above 1200 and bounce back in the short term, it would create a strong signal and we can wait to monitor its reaction at the 1950 resistance.

The final area to watch for Ethereum is at the 1950 resistance. If Ethereum can break above 1950 and form a new Higher High (HH), this would produce a classic trend reversal signal. Following this signal we are likely to see 3-6 months of uptrend for Ethereum to rally into the 3k ranges.

Still a bit too early to call the bottom on Ethereum, but it is looking brighter than Bitcoin as early signs of a new uptrend is forming.

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 reach 24.5k before we can consider this a a potential long term bottom.

If Bitcoin can retest 24.5k, it would complete the first step of a double bottom pattern and signal a long term reversal.

On the downside, 18.5k needs to hold in order for Bitcoin to avoid a larger crash. If 18.5k does break, the next support level down is around 12k which is the bear market peak in 2019 and the consolidation in the summer of 2020.

Before either of these scenarios happen, Bitcoin is technically in a sideways chop period between 18.5k and 24.5k. So exercise caution and don't jump to random predictions too quickly. Wait for the next move to be confirmed before acting.