Riding The Wave Weekly Outlook #43

Oct 14, 2022

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Tweets
What’s Happening Now?
What Might Happen Next?

Tweets

Blockworks @Blockworks_

Binance to support Bitcoin miners with a $500 million miner lending project

Blockworks @Blockworks_

Steve Aoki says that he has made more money from NFTs than from a decade of music royalties Via: @BusinessInsider / @morgan_chittum

Ryan Detrick, CMT @RyanDetrick

Very telling the VIX didn't have a major spike at the open. Almost like it knew something.... Still, we finally saw VIX futures in backwardation earlier this week - an important sign of capitulation.

Dylan LeClair 🟠 @DylanLeClair_

The last time the U.S. markets faced a drawdown of this magnitude, the U.S. Government defaulted upon its gold peg within the next 24 months. 1933 - Executive order 6102 1971 - Nixon Shock

Root 🥕 @therationalroot

Getting above the STH cost basis (and staying above) is a major signal for price recovery — currently at 21.7k and falling. #Bitcoin

Blockworks @Blockworks_

The Fed is likely to keep hiking us into recession. Here’s the bad news: It might not work 🧵

Luke Martin @VentureCoinist

1/ Wanna get rich quick? Don't trade, submit DAO funding proposals. I saw a thread highlighting that DAO funding is a serious problem so I checked out previous @harmonyprotocol funded grants. It does not take much to receive a decent chunk of money. 🧵A few of my favorites:

SpotGamma @spotgamma

I just want to take a minute to acknowledge how 🍌🍌🍌 this is SPY dropped 3.5% in one minute then rallies back 4.7% over 2 hours

Benjamin Cowen @intocryptoverse

#Bitcoin bear markets (we are currently the green line). Blue is 2011/2012 Red is 2014 Orange is 2018

Mark Minervini @markminervini

While my gut says we are getting close to a bottom, experience tells me to stick to the rules and let the weight of evidence guide my trading. A low happens on one day, the bull market last for years. The big money is made spotting trends not bottoms. The current trend is down.

Blockworks @Blockworks_

Uniswap raises $165 million in Series B funding, led by Polychain Capital

Callie Cox @callieabost

Excuse me, wtf just happened?!? (A quick thread on how a grim inflation report turned into a huge stock market gain) ⬇

Blockworks @Blockworks_

Recently Google Cloud has partnered with: 1. BNB Chain 2. Sky Mavis 3. Coinbase 4. Nansen 5. Near

Dylan LeClair 🟠 @DylanLeClair_

Everything bubble. Burst underway.

John Wick @ZeroHedge_

CPI came in at 8.2. This caused $SPX equity futures to fall. Which caused #BTC to fall just as I have been warning everyone. Confirmed #BTC still correlated to $SPX. Never doubt your boy 🤝 #ShortsInProfit

Watcher.Guru @WatcherGuru

JUST IN: Global #cryptocurrency market cap drops below $920 billion following the CPI Print.

The Kobeissi Letter @KobeissiLetter

You can’t make this up… $SPX just fell 130 points in minutes and the $VIX is basically flat. This is orderly selling, we are still far from panic selling.

unusual_whales @unusual_whales

🚨BREAKING🚨 CPI comes in at 8.2% year over year, estimated 8.1%.

What’s Happening Now?

Bitcoin(BTC)

Bitcoin has continued moving sideways, with the 8-week SMA gradually moving lower.

On the daily time frame, we are moving sideways, finding resistance at the top of the 2nd resistance/bottom of the 3rd resistance area. We appear to have broken through the diagonal downtrend, although we haven’t seen a breakup or downwards in price.