Riding The Wave Weekly Outlook #50

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Table of Contents

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

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Tweets

Callie Cox @callieabost

Job openings: falling, but still rly freaking high relative to history (and btw, lots of job openings = great news, but it's the Fed's exhibit A on why they need to keep hiking to control inflation)

Watcher.Guru @WatcherGuru

JUST IN: Sam Bankman-Fried says FTX US is "fully solvent" and "withdrawals could be opened up today."

Watcher.Guru @WatcherGuru

JUST IN: Apple blocks #Coinbase Wallet app release, requesting 30% of all NFT transfer gas fees.

Coffeezilla @coffeebreak_YT

Sam is putting on a bullshit Masterclass on the New York Times interview. Thread.👇

jonwu.eth @jonwu_

The New York Times was soft in its coverage of FTX's collapse. Thankfully, Andrew Ross Sorkin was not. He put Sam Bankman-Fried to the sword at the NYT Dealbook Summit: "Sounds like a bunch of kids who were on Adderall having a sleepover." Here are the other highlights:

Watcher.Guru @WatcherGuru

JUST IN: 🇷🇺 Russia’s largest bank, Sber, adds support for #crypto wallet MetaMask on its blockchain.

Genevieve Roch-Decter, CFA @GRDecter

Blackstone’s $69 billion real estate fund announced today that it’s limiting redemptions. This is a scary sign for the real estate market. Let’s dive in 🧵

FatMan @FatManTerra

Terrifying video BitBoy gives the floor to this woman, assuming she has no evidence of him being a scammer She brings up the ZachXBT threads. He realizes that she has legitimate evidence, so he suddenly cuts her off and starts yelling that she's a child molestor. Just WTF.

Watcher.Guru @WatcherGuru

JUST IN: 🇺🇸 Department of Justice demands investigation of FTX, claiming there's substantial evidence of fraudulent activities

Edgy - The DeFi Edge 🗡️ @thedefiedge

It’s tempting to see a token that’s -95% and think it’s a steal. Becareful of anchor bias - many tokens won’t reach their ATHs again 1. Look for projects with strong metrics and moats Or 2. Be patient. Sit on the sidelines and wait for new narratives to form.

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What’s Happening Now?

Bitcoin(BTC)

Bitcoin has risen to test the $17k level.

Weekly Timeframe Bitcoin

On the daily chart, we are still seeing support at the bottom of the second resistance area, and we are starting to move higher.

Daily Timeframe Bitcoin. Red/blue boxes are potential area support/resistance, blue line represents the downtrend we were previously following

Ethereum(Eth)

Ethereum is moving higher to test the 200-week SMA, the lowest of the four simple moving averages we are watching.

Weekly Timeframe Ethereum

On the daily chart, Ethereum is currently testing the downtrend line (blue line) that it has been below. It is also testing the top of the sixth resistance area.

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 at its lowest price since its all-time high, and it is also below all of the simple moving averages we track.

Weekly Timeframe Cardano

The daily charts show that we are still below the downtrend line. If we continue to move sideways, we will likely test it again within the next few days.

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?