Riding The Wave Weekly Outlook #2

Testing the 50 Week SMA & what the new year might hold for Crypto

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Table of Contents

1. Where are we Short-term?

2. Where are we Long-term?

3. Supporting Evidence

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Where are we Short-term?

We have dipped below the 50 week(Yellow line) SMA(Simple Moving Average) a few times this week but we could still close above it at the end of the week. If we do close above it that could be counted as a round of testing and holding as the 50 week SMA as support.

Of course, that doesn’t mean we would be out of the woods yet, as we would still need to break through the 20 week(Green line) and 8 week(Light Purple line) SMA. As both of these averages are currently lined up and set to move downwards in the near future, Bitcoin is on track to be squeezed between the three moving averages. This means that even if Bitcoin continues to move sideways, it will be forced to break up or down above or below these three averages.