Riding The Wave Weekly Outlook #24

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Table of Contents

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

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Tweets

Blockworks @Blockworks_

Deloitte Survey: 85% of merchants say enabling crypto payments is a high priority

Blockworks @Blockworks_

JUST IN: 🇪🇺 European Union aims to have common key crypto legislation ready this month - Bloomberg

Blockworks @Blockworks_

JUST IN: American Express will officially launch a crypto rewards card with @AbraGlobal

Watcher.Guru @WatcherGuru

JUST IN: Only 9.9% of #Bitcoin circulating supply is held on centralized exchanges. The lowest level since December, 2018.

The DeFi Edge 🗡️ @thedefiedge

The Fed announced that inflation is at 8.6% It doesn't take an economist to know that rent, food, gas, and everything has gone up way more than 8.6%. The CPI formula keeps changing to artificially suppress the real rate of inflation.

The DeFi Edge 🗡️ @thedefiedge

Don’t let inflation distract you - shrinkflation is happening too 😒

Root 🥕 @therationalroot

Several signs point towards having a bottom later this year when Short & Long-Term Holder cost basis cross each-other. Unease for many but opportunity for the initiated. #Bitcoin

Watcher.Guru @WatcherGuru

BREAKING: Inflation reaches 8.6%, the highest the U.S has seen in 40 years.

Fancy Bears Metaverse @FancyBearsMeta

We won’t be announcing any partnership today, as we’re still working on some legal paperwork 😖 although I’m curious if anyone will guess which company will it be 😎 GOOD ANSWERS ONLY, LET’S GO 😉

Will Clemente @WClementeIII

Projecting this growth out into the future using a mean and weighted mean of other historical adoption curves, this is what we expect Bitcoin's user growth to look like.

Will Clemente @WClementeIII

Bitcoin is an exponentially growing monetary network that should be expected to reach 1 billion active users in the next decade. [THREAD]

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What’s Happening Now?

Bitcoin finally broke its 9-week red candle streak but it’s now facing downwards pressure due to traditional markets. We have also moved to touch the 8-week SMA but pulled down once again before succeeding.

Weekly Timeframe Bitcoin

On the daily time frame, Bitcoin is still holding at the bottom of the resistance/support area we have found prior.

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?