Riding The Wave Weekly Outlook #41

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Table of Contents

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

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Tweets

The Kobeissi Letter @KobeissiLetter

Everyone talks about recessions as if they should never happen. Any economy that is healthy in the long run will have many recessions. If you never have a recession, you just have a bubble. In this case, we just have a bubble and a recession. Fake markets don’t work.

Root 🥕 @therationalroot

Value Map. #Bitcoin #OnChain

The Kobeissi Letter @KobeissiLetter

BREAKING: FINAL Q2 GDP FALLS -0.6%, OFFICIALLY PUTS U.S. ECONOMY IN RECESSION.

Dylan LeClair 🟠 @DylanLeClair_

How to fan the flames of a currency crises: - Implement an energy “price cap”, subsidized by government deficit spending - As demand destruction doesn’t occur, energy prices surge, stoking inflation further - When bond yields soar, call on the central bank to monetize the debt

Blockworks @Blockworks_

Binance officially launches its Ethereum proof-of-work (ETHW) mining pool

Blockworks @Blockworks_

Warner Music Group and OpenSea Join Forces to Expand Web3 Opportunities for Artists

Edgy - The DeFi Edge 🗡️ @thedefiedge

Before purchasing a token: 1. Write down your thesis 2. Evaluate against your framework 3. Seek the FUD and Criticisms 4. Decide the time horizon 5. Decide when you'll take profits 6. Pre-determine your risks (when to cut losses) Or ignore nerds like me and YOLO it I dunno 🤷‍♂️

Plan©️ @TheRealPlanC

#Bitcoin Bottom Update Extreme Capitulation 😱 48-Days | 2011 48-Days | 2015 127-Days | 2018 108-Days | 2022 Follow for Updates! #BTC Retweet Appreciated 🙏

eToro US @eToroUS

Why The Fed's next target may be your job (ft. @callieabost)

The Kobeissi Letter @KobeissiLetter

The S&P 500 is now officially down 25% from its all time high. Meanwhile, the $VIX remains 40% below the 45+ level that has been needed every bear market in history to bottom. Many investors are quickly learning a very valuable lesson. Bear markets do not bottom overnight.

Watcher.Guru @WatcherGuru

JUST IN: $META (Facebook) freezes hiring and warns employees of restructuring.

The Kobeissi Letter @KobeissiLetter

The narrative is no longer about if this recession will get bad, it’s how bad will it get. The September Fed meeting was the straw that broke the camel’s back. The Fed made it clear that they will do whatever it takes to control inflation. Equity markets are their last worry.

Dylan LeClair 🟠 @DylanLeClair_

We are in between step #3 and step #4.

Dylan LeClair 🟠 @DylanLeClair_

Monthly netflows of bitcoin onto exchanges is back positive. 78k BTC have flowed onto exchanges over the last 30 days.

Root 🥕 @therationalroot

Days below Realized Price. #Bitcoin

Miles Deutscher @milesdeutscher

$LINK has been busy lately: • SWIFT integration (processes ~$1.25 quadrillion/year) • DTCC partnership ($2.4 quadrillion last year) • BNY Mellon integration In an industry full of fakes and facades, Chainlink is a shining light of real utility.

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

BREAKING: 🇪🇺 EU cancels KYC requirement when transferring Bitcoin to a private wallet. Good! 🤨

unusual_whales @unusual_whales

60% of Americans were living paycheck to paycheck, increased from 55% last year, per CNBC.

Will Clemente @WClementeIII

Historically Q4 has been Bitcoin's best performance by far, with an average quarterly return of +103.9% October and November have been its best performing individual months with avg returns of 24% and 58% Does seasonality matter? Let's see.

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What’s Happening Now?

Bitcoin(BTC)

Bitcoin is at roughly the same price as it was last week, with its wick having touched the 8-week SMA before moving back down.

Weekly Timeframe Bitcoin

On the daily time frame, we have peaked above the downtrend that has held since April.

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

Ethereum(Eth)

Ethereums price is still low but is continuing to find support on its 200-week SMA.

Weekly Timeframe Ethereum

On the daily time frame, we are finding support at the top of the 6th resistance area/bottom of the 7th.

Daily Timeframe Ethereum. Red boxes are potential areas of support/resistance, the blue line represents the downtrend we seem to be following

Cardano(Ada)

Cardano is still below all 4 of its SMA’s, and it has moved sideways in price since last week.

Weekly Timeframe Cardano

On the daily time frame, Ada is continuing to find support at the bottom of resistance area 6/top of 5 and is approaching its downtrend.

Daily Timeframe Cardano. Red boxes are potential areas of support/resistance, the blue line represents the downtrend we seem to be following

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What Might Happen Next?