Riding The Wave Weekly Outlook #46
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Table of Contents
Tweets
What’s Happening Now?
What Might Happen Next?
Tweets
What’s Happening Now?
Bitcoin(BTC)
Bitcoin dipped back below its 20-week SMA this past week but has pushed back above it today.
On the daily time frame, we have found support on the bottom of the 3rd resistance area and bounced.
Ethereum(Eth)
Ethereum has continued to stay above its 8-week, 20-week, and 200-week SMA’s.
On the daily time frame, we are still within the 8th resistance area and look to be finding support.
Cardano(Ada)
Cardano is still working on getting above its 8-week SMA.
On the daily time frame, Cardano has followed the rest of crypto in breaking through the downtrend & it has found resistance at the bottom of the 6th resistance area.
What Might Happen Next?
Based on Bitcoin’s current behavior, I’m reasonably confident we are done with the downtrend from April. Overall we seem to be matching the daily resistance area more than the diagonal downtrend that previously was pushing us lower across the board.
holding of the SMA’s
a break away from traditional markets
a breakthrough and holding of the diagonal downtrend we have followed (currently achieved)
We look to be getting closer to being above all of the core SMA’s and to potentially breaking away from traditional markets.
Ethereum finding support on its 8 and 20-week SMA’s is a great sign and makes it look more likely that it will stay above these SMA’s.
Cardano hasn’t yet followed ETH and BTC in reclaiming their SMA’s, but if it follows the same trend BTC and ETH had of first breaking the downtrend (Which Cardano has just done) & then moving above the SMA’s, we may see that happen in the near future.
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