Riding The Wave Weekly Outlook #21

Bitcoins Delicate Balancing Act at $30k

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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 Archive 🗄🚀🌔 @BTC_Archive

💥BREAKING: Portugal looking to tax #Bitcoin and will decide on tax framework "as soon as possible".

Watcher.Guru @WatcherGuru

EXCLUSIVE: Shiba Inu & Red Bull Collaboration, Here’s What It Could Mean 🧐 watcher.guru/news/exclusive…

watcher.guruExclusive: Shiba Inu & Red Bull Collaboration, Here’s What It MeansExclusive: Shiba Inu and Red Bull energy drink collaboration. Here’s what the partnership between the two could mean.

Watcher.Guru @WatcherGuru

JUST IN: Terra has introduced three amendments to its proposal to create a new blockchain for $LUNA.

Jason Levin @iamjasonlevin

What is the future of Ethereum? Last week, Vitalik Buterin co-published a paper predicting Ethereum's future. I read the 37-page paper and interviewed its co-authors so you didn't have to. [🧵 THREAD]

⚡Jogi⚡🌋🇸🇻 @proofofjogi

Traditional finance people are confused that bitcoin held between 29 and 30k, while stocks keep tanking. To me, that is no surprise. Here is why. A 🧵 0/

The DeFi Edge 🗡️ @thedefiedge

Stablecoins are NOT created equal. Here's a breakdown of how different stablecoins work: (+my rankings and recommendations)

Watcher.Guru @WatcherGuru

JUST IN: Popular DeFi app Stablegains is being sued by its investors after reportedly losing $42 million in $UST.

Watcher.Guru @WatcherGuru

JUST IN: On-chain data shows Terra backer 'Hashed' lost $3.5 billion from the $LUNA crash.

Watcher.Guru @WatcherGuru

JUST IN: Delphi Digital has confirmed they lost their $10 million $LUNA investment.

Watcher.Guru @WatcherGuru

JUST IN: Pantera Capital has confirmed that they sold 80% of their $LUNA investment ($170 million) before the crash.

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What’s Happening Now?

Bitcoin has settled down a bit this week continuing to find support at the $30,000 price point with a few dips below.

Weekly Timeframe Bitcoin

On the daily time frame we have seen drops below $29,000 but not below $28,000. This is a much calmer week when compared to the previous week where we saw a 1-day drop from $32,000 to $25,000 (12th of May).

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

Comparing the Crypto market cap (excluding Bitcoin, in red) & the Bitcoin market cap (blue) we can see that both are trending downwards but Bitcoin is still being eclipsed by the non-bitcoin market cap.

Blueline is the Bitcoin Market cap, Redline is the “total market capitalization of the top-125 cryptocurrencies, excluding BTC“ (https://www.tradingview.com/support/solutions/43000550480-what-s-the-difference-between-total-total2-and-others-crypto-market-symbols/)

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What Might Happen Next?