Riding The Wave Weekly Outlook #56

Navigating the Cryptocurrency Market: Understanding the Role of CPI Data in Price Trends

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Table of Contents

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

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Tweets

TechCrunch @TechCrunch

AWS partners with Avalanche to scale blockchain solutions for enterprises, governments tcrn.ch/3Qw0Mn8 by @jacqmelinek

tcrn.chAWS partners with Avalanche to scale blockchain solutions for enterprises, governmentsAmazon Web Services, AWS, has partnered with Ava Labs, the company building out layer-1 blockchain Avalanche, to scale blockchain adoption

whalechart.org @WhaleChart

BREAKING: ​FTX plans to sell altcoins worth $4.6B.

whalechart.org @WhaleChart

BREAKING: Digital Currency Group owes creditors over $3B

unusual_whales @unusual_whales

BREAKING: Biden has said he will veto the Republicans reported likely bill that would abolish the Internal Revenue Service, eliminate the national income tax, and replace it with a national sales tax.

MetaMask Support @MetaMaskSupport

A new scam called 'Address Poisoning' is on the rise. Here's how it works: after you send a normal transaction, the scammer sends a $0 token txn, 'poisoning' the txn history. (1/3)

unusual_whales @unusual_whales

BREAKING: CPI comes in at 6.5%, estimated 6.5%.

Jim Bianco biancoresearch.eth @biancoresearch

1/9 Thoughts about what comes next. 🧵 -- The market is pricing the probability of a 25-bps hike hit almost 93%. now @NickTimiraos has warned 25bps is coming. -- Inflation Report Tees Up Likely Quarter-Point Fed Rate Rise in February wsj.com/articles/infla…

HornHairs 🌊 @CryptoHornHairs

$BTC #Bitcoin 2015-2017 bull market: 1064 days 2017-2018 bear market: 364 days 2018-2021 bull market: 1064 days 2021-*current* market low: 364 days Days left until the top if we just carbon copy the cycle timeframe again: 1001 days

Eric Basmajian @EPBResearch

Excluding the lagged shelter component, inflation has just about normalized.

Daniel Batten @DSBatten

1/7 Environmentally, Bitcoin has a positive:negative ratio of 31:1 This mean Bitcoin is probably the most important ESG technology of our time As a fund manager I'd opine its gross negligence for an ESG investor not to consider it in their mix Here's a data summary 👇 🧵

Alf @MacroAlf

Very important CPI report for the Fed and markets. A short thread. 1/

whalechart.org @WhaleChart

Artificial intelligence altcoins skyrocket amid rumors of $10,000,000,000 Microsoft investment in OpenAI

Rager 📈 @Rager

When you zoom out and realize the proclaimed Bitcoin "bull trap" is just a generational opportunity long-term

Documenting ₿itcoin 📄 @DocumentingBTC

₿REAKING: 85% of all #bitcoin is now owned by long-term hodlers and trending higher

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What’s Happening Now?

Bitcoin(BTC)

Bitcoin has rallied to above its 20-week SMA after the CPI report was released.

Weekly Timeframe Bitcoin

On the daily time frame, we are attempting to break through a newly formed resistance area/potential new downtrend.

Daily Timeframe Bitcoin. Red/blue boxes are potential area support/resistance, blue line represents the downtrend Bitcoin is attempting to break through

Ethereum(Eth)

Ethereum is also just above its 20-week SMA.

Weekly Timeframe Ethereum

On the daily time frame, Ethereum has broken through the 6th resistance area, which it has failed to do several times before.

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 not yet testing its 20-week SMA, but it has rallied to above its 8-week SMA, which it was under last week.

Weekly Timeframe Cardano

On the daily time frame, Ada appears to have broken through the downtrend following ETH and BTC.

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

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What Might Happen Next?