Riding The Wave Weekly Outlook #22

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Table of Contents

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

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Tweets

Watcher.Guru @WatcherGuru

JUST IN: An analysis by Nansen has revealed that seven wallets caused the initial $UST de-peg.

watcher.guruNew Nansen Report Details “On-Chain” Events That Led to UST CollapseA new report from Nansen has revealed how seven addresses played a role in the crash of Terra’s LUNA and UST.

Blockworks @Blockworks_

Senators introduced a bill seeking to ban the use of China's digital yuan in US-based mobile apps

NFTstatistics.eth @punk9059

ETH going down is supposed to be good for NFTs? Not in 2022. 1) The idea that ETH down is positive for NFTs has simply been false over the past 5 months. ETH and NFTs have broadly risen and fallen together. (3 quick tweets 🧵👇)

Jason Lowery @JasonPLowery

The reason why we can be so confident about #Bitcoin is b/c we know it's in everybody's best interest to restore their purchasing power. All we have to do is wait for people to concede that (1) they have a purchasing power problem & (2) #Bitcoin fixes it

Blockworks @Blockworks_

BREAKING: JPMorgan starts to use blockchain for collateral settlements in trading & lending - Bloomberg

Jason Levin @iamjasonlevin

How do stablecoins affect the "real" economy? On May 7, a Yale PhD student published a paper showing how a run on stablecoins could destroy the market. I read the 37-page paper and interviewed the author so you didn't have to. [🧵 THREAD]

Blockworks @Blockworks_

People that believe in crypto: Tesla CEO Uber CEO Apple CEO Nvidia CEO PayPal CEO Airbnb CEO Google CEO Microsoft CEO Mastercard CEO Meta Co-Founder Apple Co-Founder Reddit Co-Founder Twitch Co-Founder Twitter Co-Founder Morgan Stanley CEO Goldman Sachs CEO Charles Schwab CEO

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What’s Happening Now?

Bitcoin has continued to hover around the $30k price point without breaking lower than the drop from 2 weeks prior.

Weekly Timeframe Bitcoin

On the daily time frame, we have continued moving along the resistance area at approximately $29,000.

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