Riding The Wave Weekly Outlook #36

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

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

---

Tweets

Blockworks @Blockworks_

Major crypto companies are looking to capitalize on the UAE's ambition to become a global crypto hub Blockworks sat down with them to learn more about how that's looking. Via @Sebsinclair1989 & @shaliniX0

blockworks.coCrypto Seeks Freedom in the UAE — is it a Regulatory Rug-Pull?Major crypto companies are flocking to the UAE in hopes of tapping a potentially lucrative market, but a long road still lays before them.

Alf @MacroAlf

You should pay much more attention to the blue bars than you pay to the yellow Why? Because the private sector can't print money to refinance its debt, but instead it can only rely on wages, cash flows and earnings Large private sector debt leads to far greater instability

Watcher.Guru @WatcherGuru

Microsoft Gaming CEO says gamers have been in the #metaverse for 30 years.

Callie Cox @callieabost

Why the Fed is massively confusing people ⬇ (a few thoughts on Jackson Hole, Fed communication, and ⛰ hikes)

The Kobeissi Letter @KobeissiLetter

SUMMARY OF POWELL'S JACKSON HOLE REMARKS: 1. Fed is "data dependent" for September meeting 2. July inflation not enough to change Fed views 3. Will require more restrictive policy "for some time" 4. Fed can slow pace of rate hikes "at some point" The Fed is clearly confused.

Alf @MacroAlf

''We will keep at it until we are confident the job is done.'' Fed pivot my a*s.

Watcher.Guru @WatcherGuru

JUST IN: 🇺🇸 FED Chair Jerome Powell says US economy should brace for "some pain."

₳lex @Alex_ADA_

"Cardano has been ranked 26 among the highest-ranking brands in the MNLMs ‘Top Brand Intimacy 2022’ report" "It ranks higher than brands such as IKEA, BMW and Bitcoin (which squeezes into the Top 30" "Cardano is the top cryptocurrency brand, with a quotient score of 52.6"

Giancarlo @GiancarloChaux

this is how I think about it the brief moment in time when we figured out NFTs but before gaming took over

unusual_whales @unusual_whales

Regulators worry that hedge funds could spark the next financial crisis, per MarketWatch.

Alf @MacroAlf

Since 2000, the US experienced a cumulative 74.4% inflation. Median nominal wages grew just a bit more than that. Which means that in real terms childcare, medical care and education became much more expensive. But if you only buy TVs and computers, you're doing great :)

Watcher.Guru @WatcherGuru

JUST IN: #Crypto ATM firm Bitcoin Depot has reached an $885 million acquisition deal that would take it public, WSJ reports.

Blockworks @Blockworks_

NEW: 🇯🇵 Japan to improve its crypto tax system to prevent the overseas outflow of crypto startups

---

What’s Happening Now?

Bitcoin has returned to being below the four moving averages we are tracking (8, 20, 50, 200 week) & looks to be treating the 8-week SMA as resistance once again.

Weekly Timeframe Bitcoin

On the daily time frame, we appear to once again be stuck in the 3rd support/resistance level with a test of the diagonal resistance line happening in 1-2 weeks if we move sideways in price.

Daily Timeframe Bitcoin. Red/blue boxes are potential area support/resistance, blue line represents downtrend we seem to be following, yellow line represents 200 week SMA

---

What Might Happen Next?