Riding The Wave Weekly Outlook #38

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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: 🇨🇭 Switzerland-based SEBA Bank has launched #Ethereum staking for institutional clients.

Watcher.Guru @WatcherGuru

JUST IN: 🇷🇺 Russian Deputy Minister of Finance says they're working on platforms for cross-border settlements in #stablecoins.

unusual_whales @unusual_whales

“We do not believe in a soft landing scenario,” said economists at Jefferies. “However, taking the economy down will be harder, and will take longer than expected," they added.

unusual_whales @unusual_whales

Bank of Canada hikes rates by 75BPS.

unusual_whales @unusual_whales

House prices will soon undergo a ‘correction,’ says Mark Zandi, chief economist at Moody’s Analytics, has said.

The Kobeissi Letter @KobeissiLetter

Bear markets always move in the least predictable way. When you think the bottom is in, it’s likely just a relief rally. However, this time we have a bear market with a recession and the most hawkish Fed in history. The systemic failure we are witnessing won’t end overnight.

Markets & Mayhem @Mayhem4Markets

UK investors are beginning to exit the market. This is a big deal. Look at the last time on this chart this has happened. That's right, there wasn't another time in the last 17 years! Not during COVID, not during the Great Financial Crisis either. Speaks to how bad things are.

The Kobeissi Letter @KobeissiLetter

BREAKING: The average mortgage rate in the United States has just hit its highest level since 2008, at 5.9%. Meanwhile, housing prices are down less than 5% from their peak. The housing market will be joining the bear market soon.

The Kobeissi Letter @KobeissiLetter

Every time there’s a 100+ point relief bounce in $SPX, bottom callers emerge. Attempting to time a bottom has proven to be one of the least profitable strategies. These relief rallies and bottom callers are the reason the bear market roars on. Bear markets don’t end overnight.

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

💥BREAKING: Fidelity is launching #Bitcoin trading for retail customers in November! 😱 Fidelity has $4.3T assets under management.

Watcher.Guru @WatcherGuru

JUST IN: 🇸🇬 Singapore-based bank DBS partners with The Sandbox to create a #metaverse experience.

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

💥NEW: UK hopes to become the country of choice for the cryptocurrency industry, says UK Economic Secretary Let’s see some policy action to support this then. 🧐

Dennis Porter @Dennis_Porter_

BREAKING: Bitcoin surging after the White House puts out extremely positive comments on #Bitcoin’s potential to positively impact the grid, environment, and renewables.

Watcher.Guru @WatcherGuru

🇺🇸 White House says US Congress might consider a ban on "crypto-asset mining."

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What’s Happening Now?

Bitcoin is currently under the 4 moving averages we are watching although it has surged up in price to be near the 8 week SMA.

Weekly Timeframe Bitcoin

On the daily time frame, we have jumped up to just past the midpoint for the 3rd area. We are currently finding resistance at the diagonal downtrend we have followed since April.

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

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What Might Happen Next?