Riding The Wave Weekly Outlook #11
Money Weaponized
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Table of Contents
What’s Happening Now?
What Might Happen Next?
Some Tweets and Articles that will help if you want to research further
What’s Happening Now?
Following the sanctions taking effect this week, we saw a large uptick in Bitcoins price (up to $45,360) far above the 8 week SMA. We have gradually decreased in price bringing us back down to the 8 week SMA. As we have mentioned the 8 week SMA is our first real test, the run can’t really begin until we close a candle above it as it has consistently held as resistance. We have come close several times but each time we have pulled down below before the week has ended.
Because of the uncertainty around the invasion of Ukraine by Russia, Bitcoin has increased in value as an option for transacting that is not confiscatable. In terms of the conflict, it’s appearing as though Russia is pushing ahead with their invasion and that we may be going the route of escalation for now rather than the route of de-escalation. Based on what I have read it appears Russia initially sent a fast-moving unit without much support behind it as they thought Ukraine would easily fall/surrender. As they have not surrendered it’s looking like Russia may be regrouping to follow up with a slower but also more well-planned force. Some experts also think they may call their invasion after taking some key points to try to get economic sanctions removed but I would be surprised if this was the case.
On the daily time frame, we have continued to trade within the regions we previously found support & resistance. As we have dropped down we have seen higher lows on the daily time frame so I am hopeful that we may see higher highs soon breaking us out of this range.
What Might Happen Next?
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