Riding The Wave Weekly Outlook #18

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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

The US. Dollar Index (DXY) is at a 81 RSI and has broken completely out of the bollinger band 🤣 Return to earth coming at some point. #Bitcoin #Crypto

Plan©️ @TheRealPlanC

The US. Dollar Index (DXY), weekly RSI level has only ever been this high on 3 other occasions since 1986. #Bitcoin #Crypto

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

💥BREAKING: Panama just passed a law giving #Bitcoin legal status and zero capital gains tax. 🙌

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

#Bitcoin painting the world orange, slowly then… - Panama - El Salvador - Central African Republic

Root 🥕 @therationalroot

1/2 Current sell-pressure comes from LTH's that bought in the orange area. They are de-risking/capitulating due to macro conditions. Bullish how price has been holding up really well! #Bitcoin

TechDev @TechDev_52

Most likely #BTC paths I see from here. Leaning #2. Red line marks my Realized Price "mid band" weeklies need to close above. Been dividing line for flat vs. zig-zag corrections for 12 yrs. Path #2 supported by daily volatility squeeze. Last 4 have all gone "wrong" way first.

Bitcoin Magazine @BitcoinMagazine

NEW: Oklahoma state legislature approved a bill giving tax incentives to #bitcoin miners this week 👏

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What’s Happening Now?

Bitcoin has continued to try to break above the 8 week SMA again (as can be seen by this and last week’s candle wicks) but it has not yet succeeded.

Weekly Timeframe Bitcoin

On the daily time frame, Bitcoin has fallen below the bottom of the red box and has made an attempt to break back into it. As we are now below the range it has functioned as resistance and so we have continued to move sideways.

In terms of the red line, we have fallen below it & so it will likely end up functioning as resistance if we return to it in the near future.

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

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What Might Happen Next?