Riding The Wave Weekly Outlook #114
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Table of Contents
Tweets
What’s Happening Now & What Might Happen Next?
Tweets
https://twitter.com/TechDev_52/status/1768052585804546253
https://twitter.com/woonomic/status/1768096245711868359
https://twitter.com/ki_young_ju/status/1768109493706199423
https://twitter.com/Matt_Hougan/status/1767889540046373156
https://twitter.com/WClementeIII/status/1768042299299123357
https://twitter.com/TheCryptoLark/status/1768253258793943290
https://twitter.com/woonomic/status/1768249695649014151
https://twitter.com/CryptoJelleNL/status/1768243374681694640
https://twitter.com/intocryptoverse/status/1768370469143478359
https://twitter.com/OnChainCollege/status/1768334994403950653
https://twitter.com/nestayxbt/status/1768375645829009701
https://twitter.com/intocryptoverse/status/1768372838447165853
https://twitter.com/intocryptoverse/status/1768376122423554070
https://twitter.com/woonomic/status/1768440338673483847
https://twitter.com/martypartymusic/status/1768420652678361111
https://twitter.com/krugermacro/status/1768475071872414157
https://twitter.com/intocryptoverse/status/1768398086403973132
https://twitter.com/CryptoJelleNL/status/1768486018141868152
https://twitter.com/woonomic/status/1768499114474639855
https://twitter.com/OnChainCollege/status/1768643560943890892
https://twitter.com/0xbags/status/1768585077120745787
https://twitter.com/krugermacro/status/1768758318078492680
https://twitter.com/CryptoJelleNL/status/1768560480124031452
https://twitter.com/rektcapital/status/1768596876071219330
What’s Happening Now & What Might Happen Next
Bitcoin is finding support on the top of the Bollinger Band.
In the 2020 market cycle we saw Bitcoin exhibit similar behavior where it tended to initially find support on its top Bollinger Band
On the daily time frame, we are also seeing Bitcoin finding support at the top of the 12 resistance region, the same price point as the last cycles' all-time highest price.
In the previous cycle, we did not see this behavior and instead saw significant resistance breaking through the 2018 ATH. Once it had broken through, Bitcoin continued to shoot up in price without revisiting the ATH.
As we typically see Bitcoin surpass its previous cycle ATH after the halving event, it’s completely possible that this could be a bear trap and we could go lower, but given the high Bitcoin ETF inflows we are seeing, I expect any drops to be relatively gentle and if they aren’t I would expect them to be short with the upward buying pressure. Overall, I feel it's more likely we stabilize here, but a drop wouldn’t necessarily be a bad sign for the long term.
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Disclaimer: The information in this Newsletter is not financial, legal, or tax advice. I only trade on Etoro; if you are reached out to by people requesting you join a group or provide money, it is not me. My only public social media accounts are this Substack page, my Youtube page, my Twitter page, and my Etoro page; any others you see online are not me.