Riding The Wave Weekly Outlook #14

Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here

Table of Contents

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

---

Tweets

Blockworks @Blockworks_

NEW: EU's crypto bill officially advances without PoW ban

Plan©️ @TheRealPlanC

If 47k #BTC breaks than, we could finally see the end of this mid-cycle accumulation period. #Bitcoin #Crypto

John Wick @ZeroHedge_

#BTC As we approach $45k-$46k be sure to stay vigilant here though. These are the levels that shorters won’t mind placing good R/R shorts bets. Watch for the “reactions” of price action through these next few days into the weekend.

Bitcoin Magazine @BitcoinMagazine

JUST IN 💥 Luna Foundation buys 2,900 MORE #bitcoin worth $128 MILLION to back UST stablecoin

Watcher.Guru @WatcherGuru

JUST IN: LG Electronics Inc. has announced the addition of #crypto assets and #blockchain technology to its corporate charter.

---

What’s Happening Now?

Last week Bitcoin closed above the 8 week SMA & it is currently trying to break through the 20 week/50 week SMA. By closing above the 8 week SMA we have broken the downtrend we have seen for the past several months and now have an opportunity to form an uptrend.

Weekly Timeframe Bitcoin

On the daily time frame, we have reached the resistance area where we have previously been rejected 3 times ($45k).

Daily Timeframe Bitcoin. Red/blue boxes are potential areas of support/resistance, the red line shows potential area of support

Overall things are looking bullish with the downtrend breaking (resistance at the 8 week SMA), support on the red line holding, us testing the 20/50 week SMA, & us testing the area we have previously been rejected at $45k.

---

What Might Happen Next?