Riding The Wave Weekly Outlook #15

The uptrends first test

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Table of Contents

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

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Tweets

Plan©️ @TheRealPlanC

2017 Post Top vs. Current Cycle #Bitcoin #Crypto

Plan©️ @TheRealPlanC

Everyone should look at their flight tickets 🎫 again, you did NOT buy a none-stop direct flight to the moon. Expect turbulence and multiple layovers along the way. Please don't be that annoying passenger. #Bitcoin #Crypto

Cointelegraph @Cointelegraph

It’s official. The Indian Finance Bill 2022 with new 30% crypto tax rules is set to become a law today and will come into effect starting on April 1. (Reporting via @_prashantjha)

buff.ly30% crypto tax becomes law in India following Finance Bill approvalThe infamous bill has been scrutinized by various experts, traders and exchange operators alike. However, the government decided to carry forward with its regressive approach without taking input from the stakeholders of the crypto ecosystem.

Lark Davis @TheCryptoLark

It is funny because it is true! #bitcoin

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What’s Happening Now?

After breaking through the 8 week SMA & then both the 20 week & 50 week SMA in the same week we have our first test. For now, we have bounced off of the 20 week SMA although we will need to see where the candle closes at the end of the week to see if the uptrend will continue to form.

Weekly Timeframe Bitcoin

On the Daily timeframe, you can see that we are also testing the area we previously found resistance (approx $44k - $45k).

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

I am still bullish as retests are common, especially at the starting point of potential trend reversals. The location at which we found resistance on the daily time frame lining up with where the 20 week SMA (an indicator that has served as support in previous bull runs) is also great as it provides strong support and increases the odds of success.

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What Might Happen Next?