Riding The Wave Weekly Outlook #28
Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here
Table of Contents
Tweets
What’s Happening Now?
What Might Happen Next?
Tweets
U.S. Unemployment rate now: 3.6%
Average Unemployment rate during a recession: 6.2%
Average unemployment rate during the first month of a recession: 4.7%
The real signal regarding Bitcoin adoption:
Every price drawdown some new market participants leave (that were only here for price going up), but there's a higher base of people who gain conviction in Bitcoin and stay.
New Jersey Tax Authorities To Explore Tracking Of Crypto Transactions To Calculate Taxable Sales Income
- Bloomberg
Imagine if #Bitcoin's latest intermediate impulse had seen a lesser extension, as the same wave did last cycle degree.
Same position on the parabola, same wave timing, likely much less fear.
1/3
The regulations that come from all these lender ponzi’s, Luna/LFG, 3AC, stables, and DeFi are going to be an absolute minefield to navigate the next 2 years. But will ultimately be better for the space. Going to be pain involved though
Long term it’s incredibly positive to flush out all of this over-leveraged ponzi garbage. By the end of this, only the genuine good faith actors will remain that are here to push the space forward — not leech off of it and give it a bad reputation. Nature is healing.
Reaction at 200WMA should be quite telling.
A reclaim of which, essentially making everything below a deviation, would be a nice swing-long setup for traders and prob triggers some trend algos. Rejection would be no bueno.
A much needed relief bounce is underway for stocks.
Note that we have only had 2 relief bounces of 10% or more during this bear market.
The most “healthy” bear markets with sustained declines have the most relief bounces.
Bears have the opportunity to set a massive trap soon.
99.8% of #Bitcoin's lifetime we stayed above the floor.
Just to show how exceptional June 18th 2022 was when we touched the floor as part of the 0.2%.
JUST IN: US Treasury has delivered a framework to President Biden on international crypto regulation
What’s Happening Now?
Bitcoin is still trying to push above the 200-week SMA but it has not yet succeeded.
On the daily time frame, we are trying to push above a resistance level of approximately $21,700.
What Might Happen Next?
Keep reading with a 7-day free trial
Subscribe to Riding The Wave to keep reading this post and get 7 days of free access to the full post archives.