Riding The Wave Weekly Outlook #17

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Table of Contents

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

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Tweets

Bitcoin Magazine @BitcoinMagazine

JUST IN: Russia's Federal Tax Service proposes legal entities use #Bitcoin and crypto in foreign trade 🇷🇺

Sam Callahan @samcallah

I’ve been behind enemy lines reading everything the IMF has put out in the last 2 years. Here are 10 pieces I found most relevant to Bitcoin. “When you are thoroughly conversant with strategy, you will recognize the enemy’s intentions and thus have many opportunities to win."👇

Will Clemente @WClementeIII

Year to date performance: Shopify -60% Netflix -60% PayPal -50% Facebook -40% ARKK -40% Nasdaq -14% Bitcoin -13% Despite unprecedented macro/geopolitical uncertainty, Bitcoin is holding up quite well on a relative basis.

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

#Bitcoin illiquid supply is going parabolic! 🚀 Probably nothing...

Will Clemente @WClementeIII

Bitcoin whales have been accumulating for over a month now:

𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧔🧲 @el_crypto_prof

#bitcoin We are below the 350DMA-Line in the Golden Ratio Multiplier-Model for the 5th time in #bitcoin 's history. Price of $BTC: $42.764 This is so bullish.

Plan©️ @TheRealPlanC

When this flips I am going to flip out, in a good way! #Bitcoin This will be a huge signal, been waiting for a minute. #Crypto

Matthew Hyland @MatthewHyland_

#Bitcoin needs to break $48.9k to flip the 3-Day Supertrend bullish: https://t.co/aLczZc5qlo

Plan©️ @TheRealPlanC

🚨 Not Financial Advice, Just Data #BTC The last 4 times the blue & purple lines were below the green line for this long the #Bitcoin bottom was already in.

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What’s Happening Now?

Bitcoin has now also closed below the 8-week SMA (last week’s candle close) & is trying to push back above it. As can be seen by the wick on this week’s candle it briefly pushed above the 8-week & 20-week SMA before falling below both.

Weekly Timeframe Bitcoin

On the Daily time frame, we are still finding support at the bottom of the red box but we are now also finding resistance when trying to break back above the trend line we established before.

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