Riding The Wave Weekly Outlook #15

A second test of the 20 week SMA

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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

For the 4th time in #Bitcoin's history we have entered the green zone. The last 3 times this occurred the #BTC bottom was already in and a massive bullish uptrend followed. Probably nothing... #Crypto

ecoinometrics @ecoinometrics

@BTC_Archive For scale this is what Terra's #Bitcoin hodlings might end up looking like at $10b. 🔴🧐👇

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What’s Happening Now?

We successfully held the 20 week SMA last week, this week we appear to be testing it again. We are currently below this SMA but what’s really important is where we close on Sunday (which could easily push just above the 20 week).

Weekly Timeframe Bitcoin

On the Daily timeframe, we have fallen back within the range (red box) from before (although we did find support at that line once). We are still above where the trend has found support (red line) with approximately $2000 between our current price and a retest.

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

This drop hasn’t made me bearish, I wouldn’t be surprised to see several retests of the 20 week, 8 week & 50 week SMA. The previous drops and downtrends following the massive price increases at the start of this bull run have made the markets extremely cautious.

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What Might Happen Next?