Riding The Wave Weekly Outlook #19

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Table of Contents

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

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Tweets

ecoinometrics @ecoinometrics

The stock market is heading for one of those outliers...

ecoinometrics @ecoinometrics

The stock market is heading for one of those outliers...

Watcher.Guru @WatcherGuru

JUST IN: The Federal Reserve (FED) has raised interest rates by 0.5%, its biggest hike since 2000.

Blockworks @Blockworks_

NEW: Vatican to create an NFT gallery to democratize art

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

#Bitcoin Fear and Greed index at 21 when the price is $38.9k I like that a lot! 🙌

ecoinometrics @ecoinometrics

Seems that the whales addresses like #Bitcoin at $38k. Starting to see some cluster of 🔴🔴🔴🔴

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What’s Happening Now?

With traditional markets continuing to trend downwards Bitcoin has followed. It is now far (approx $5k) below the core SMA’s.

Weekly Timeframe Bitcoin

On the daily time frame, Bitcoin has been rejected off of the bottom of the red box (support/resistance area) which sent it down into a significant drop. We no longer appear to be following the red trend line Bitcoins price established before and appear to instead be trending downwards sharply following the blue line.

Daily Timeframe Bitcoin. Red/blue boxes are potential areas of support/resistance, the red line shows potential area of support that we no longer seem to be following, blue line represents downtrend we seem to be following, yellow line represents 200 week SMA

If you will look below you can see the white line which is trending upwards, many investors view this lower band as being due to investors continually averaging in slowly raising the price even without an influx of new investors in the crypto space.

Daily Timeframe Bitcoin. Red/blue boxes are potential areas of support/resistance, blue line represents downtrend we seem to be following, yellow line represents 200 week SMA, white line represents potential support that is trending up due to people averaging in over time

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What Might Happen Next?