After a volatile week, Bitcoin closed just under $78.8k. This means that Bitcoin closed above our pivotal 50W MA. Not only that, it also printed a bullish engulfing candle which tends to be a great sign of strength. This is the exact type of close we were looking for after pointing out the clear compression right below the 50W MA over the past few weeks. Weak assets to do not hug major resistance levels because sellers usually create a clear rejection once that level is tested. It’s great to see the move we have been talking about for weeks play out.

Market sentiment is still in Greed. This is to be expected after this recent move. Notice how the market is at a higher price now than a few weeks ago when sentiment hit Extreme Greed. This is the breathing room that has been created by the consolidation we went through over the past few weeks. Markets don’t go up in a straight line, so we should expect some sentiment resets along the way, but so far sentiment is doing exactly what we would expect it to do in a bull market.

The GLI is consolidating near the highs. It’s great to see Bitcoin following through on the favorable macro backdrop we have been talking about over the past few months. As of right now it is saying we should see a favorable Q4 which provides an even stronger argument for our shallow bear market base case. It’s no surprise that Bitcoin is surprising everyone to the upside when the liquidity conditions are this big of a tailwind.

The US Dollar Index is slowly, but surely, approaching our major resistance level around ~$101. This is what is creating the consolidation we are seeing in The GLI right now. If The Dollar breaks above that resistance level, that will tighten liquidity and could be the catalyst for our next correction, but if it gets rejected at resistance that could provide even more fuel to this rally. The good news is that we don’t have to predict what will happen, we can just monitor the data and react accordingly.

Bitcoin is still comfortably in the center of our Cheap 🟢 region. Our purchases back in the Very Cheap 🔵 region are starting to look very good now that we have our close above the 50W MA. The chances of making new lows this year have plummeted after this recent price action. I look forward to taking some profits in the Fair Value 🟡 region sometime in the near future. In the meantime, I’ll happily sit back and enjoy the rewards for the risks we took earlier this year when other investors were calling for and waiting for much lower prices.

I'm no longer going to share my specific portfolio moves in this weekly report or in my YouTube videos. You should all have a pretty good idea of how I approach markets after I published every move over the past 3 years through both a bull and bear phase. I'm stopping because knowing every move I make gets broadcasted to a public audience has started to greatly limit the risks I can reasonably take. It also feels irresponsible to share significantly riskier positions with readers and viewers who don't have the full context behind them. Last, but certainly not least, I'm not comfortable broadcasting what I hold in crypto anymore for privacy and safety reasons. My full portfolio will still be shared inside the Market Enjoyers community because it's a private forum where I can share my trades with way more nuance and have back and forth conversations with you all. Nothing else about this report is changing, you'll still get my full market analysis every week.

P.S. If you found this report useful, you’ll love the Market Enjoyers program and community. Module 1 of Enjoyer OS, my complete system for compounding crypto, stocks and metals, is live and free to watch on the community about page. The founding rate is available until I publish the final module and goes up once Enjoyer OS is fully live. Watch Module 1 here:

I hope you have an amazing week and the future looks bright. 🤝