Riding The Wave Weekly Outlook #52

Dec 16, 2022

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

Tweets

Documenting Bitcoin 📄 @DocumentingBTC

"What FTX did was seperate from digital assets. FTX was a fraud—whether it was conducted in dollars, or euros, or digital assets. FTX was a failure of people and safeguards. It was not a failure of technology." > 🇺🇸 Senator @CynthiaMLummis

AndreasStenoLarsen @AndreasSteno

Pivot or no pivot on the policy rate.. Who cares.. USD liquidity runs the show and liquidity will most likely be added in to the new year A thread 1/n

DCinvestor.eth ⌐◨-◨ @iamDCinvestor

over the past 90 days since the merge, ETH supply has net only increased by 1300 ETH lmao- i still feel like only a few people understand how ridiculously low that actually is roughly the value of 4 Autoglyphs (without the merge, ETH supply would have increased by 1.1M ETH)

Watcher.Guru @WatcherGuru

JUST IN: 🇺🇸 Former President Donald Trump releases his first NFT collection.

Bitcoin Archive @BTC_Archive

JUST IN: 🇯🇵 Japan to relax corporate tax rules for cryptocurrencies - Bloomberg

Kim Dotcom @KimDotcom

CZ has been playing with fire and the US establishment. @binance and CZ are targets now. Anyone who thinks that CZ can wipe out the 2nd biggest donor of the Democratic Party without consequence is wrong. I’m sure there will be indictments next year. Pull out of Binance. https://t.co/fveoCs6JoB

Watcher.Guru @WatcherGuru

JUST IN: Kevin O’Leary testifies at Senate hearing and says #Binance intentionally put FTX out of business. https://t.co/90pYPYrU5J

Bitcoin Archive @BTC_Archive

I tweeted the misquote from the journalist, so here is the transcript. Easy to take out of context when taken literally, but I think your intended message was clear and the quote was a distortion. @cz_binance

The Kobeissi Letter @KobeissiLetter

The reaction in the stock market today is the beginning of investors accepting reality: A recession is now extremely likely in 2023.

The Kobeissi Letter @KobeissiLetter

The Fed One Year Ago: 1. Inflation might fall to 2% by December 2022 2. Households are in a strong financial shape 3. Only expect 3 interest rate hikes in 2022 4. Recession highly unlikely, expect soft landing 5. GDP should grow by 5.9% in 2022 Talk about a turn of events.

Bitcoin Archive @BTC_Archive

CZ just called Kevin O’Leary a liar on CNBC…😅

The Kobeissi Letter @KobeissiLetter

The S&P 500 is now down 220 points (5.4%) in 48 hours.

Altcoin Daily @AltcoinDailyio

Donald Trump NFTs are on Polygon $MATIC 👀

Callie Cox @callieabost

Why stocks aren't cutting the Fed a break, in one chart: The earnings yield — or the amount of profit generated per "share" of the S&P 500 — is around 5.5% with earnings estimates in decline. And according to the Fed, rates could almost match that next year.

Root 🥕 @therationalroot

Fun fact: exactly 4 years ago was previous bear market's bottom. #Bitcoin

Bitcoin Archive @BTC_Archive

JUST IN: 🇧🇷 CryptoCom has received Payments License from the Central Bank of Brazil.

Bitcoin Archive @BTC_Archive

BREAKING‼️ Binance auditor deletes the "Proof of Reserves" assessment from its website and pauses ALL work with crypto clients - including CryptoCom and KuCoin - Coindesk 🤔

Eric Wall @ercwl

There’s a video circulating of CZ where he says ”we are financially strong, we’ll let the lawyers handle it” to whether they could handle a $2.1bn withdrawal. That vid is about if FTX’s liquidator would clawback funds Binance got from the FTX buyout. Not customer withdrawals.

Watcher.Guru @WatcherGuru

JUST IN: Elon Musk starts following #crypto exchange OKX on Twitter.

Alf @MacroAlf

In the '70s, the Fed made a big mistake. They thought they won the inflation battle and eased monetary policy too early. This time Powell won't make this mistake, but he'll make another one. He'll keep policy super tight even as it's clear we walk into a recession.

The Kobeissi Letter @KobeissiLetter

In 3 days, the stock market is quietly down as much as its average annual return and it's barely making headlines.

whalechart.org 🐳 @WhaleChart

JUST IN: Donald Trump trading cards sold out. All 45,000 gone in 12 hours.

What’s Happening Now?

Bitcoin(BTC)

Bitcoin temporarily rose to test the 8-week Simple Moving Average, but has since dropped back down to just below $17,000.

On the daily chart, we are still at the bottom of the 2nd resistance area.

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

Ethereum(Eth)

Ethereum attempted to test the 200-week Simple Moving Average, but the attempt was unsuccessful, and the price has dropped back down to $1,200.

On the daily chart, Ethereum is still attempting to find support on the downward trend line and is facing resistance at the top of the sixth resistance zone.