Welcome To Pumptober

October (Pumptober) is, historically, one of the better-performing months for cryptocurrencies. How good is it? Let’s take a look.

Monthly Average Gain/Loss: 14.29%

Biggest Loss: -12.97%

Biggest Gain: 48.82%

Pumptober is in stark contrast to Dumptember (September). The September 2, 2022 Litepaper highlighted how September has historically been bearish for the crypto market. If you don’t remember the monthly Bitcoin ($BTC.X) analysis from the September 2 Litepaper, you can read it here. 

If you do remember it, you must have an eidetic memory. Or, if you’re like me, after coming back from a family trip over the weekend with a screaming 2-year-old and a 6-month-old, you have a hard time remembering what you ate for supper last night. 

The image above is the chart shared back on September 2, 2022. Below is the current monthly chart after the September close.

While Bitcoin closed in September 2022 with a new 21-month low, from a price and oscillator perspective, not much has changed. In fact, the RSI from August’s close to September’s close was almost entirely flat. 

For bulls, the price levels of importance on Bitcoin’s monthly chart have not changed from September. Senkou Span B remains the nearest support level within the Ichimoku Kinko Hyo system at the $10,000 value area, while the Tenkan-Sen at $33,000 remains the closest resistance level. 

For Bitcoin to close at either the Tenkan-Sen or the Kijun-Sen, Bitcoin would have to create the largest moves in its history for October: +69% and -48%, respectively. 

One more important consideration is the Cloud itself. Note where Senkou Span A crosses above Senkou Span B – that is called a Kumo Twists. Kumo Twists can identify when possible turns in a market will occur, and the change can happen anywhere between two periods before or after the Kumo Twist. 

For Bitcoin, Pumptober is definitely within that time range to see a change in direction. But until there is a strong and responsive push by buyers, sellers look to remain in control of the market. 

The SEC Chairman took to Twitter this morning, posting that the SEC charged Kim Kardashian for unlawfully touting a crypto security. He also embedded a semi cringe-worthy SEC-produced video warning investors about influencers and celebrities who promote cryptocurrencies and other products/services. 

Today @SECGov, we charged Kim Kardashian for unlawfully touting a crypto security.

This case is a reminder that, when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors.

— Gary Gensler (@GaryGensler) October 3, 2022

Kim Kardashian is hardly the first or last person to be under the SEC’s radar and fists of justice. Last month, an influencer (Ian Balina) is accused by the SEC of an unregistered offering and promotion of a crypto asset security called SPRK tokens. 

Long story short, Balina is accused of a crypto pamp and damp that occurred in 2018. 2017 and 2018, if you don’t know, are when ICOs (Initial Coin Offerings) were the big thing. Massive amounts of fraud occurred inside and outside the US.

Sort of like the NFT market today.

Many may consider the SEC an enemy of the crypto space, but at least they (SEC) are aggressively going after some of the worst actors in the space. And no one would probably disagree that some of these crooks deserve all that’s coming to them. 

And if the SEC is just now targeting one dude for a $30 million pamp and damp – who else is on their radar that might think they’ve gotten away scot-free after nearly five years?

Kim Kardashian now joins Floyd Mayweather, Steven Segal (lol), and DJ KHALED as celebrities the SEC has targeted over crypto promoting.