Riding The Wave Weekly Outlook #57

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Table of Contents

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

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Tweets

Watcher.Guru @WatcherGuru

JUST IN: 🇦🇺 National Australia Bank launches #stablecoin fully backed by Australian dollars.

PlanB @100trillionUSD

Blue switched to green: ~70% of all #Bitcoin is in profit

Otavio (Tavi) Costa @TaviCosta

We just saw one of the worst 2-month declines in retail sales since the Global Financial Crisis and the covid lockdowns. The squeeze on consumers is real and markets are starting to treat bad news as bad news.

Watcher.Guru @WatcherGuru

JUST IN: Crypto․com says global #crypto holders increased by 39% to 425 million in 2022.

Dylan LeClair 🟠 @DylanLeClair_

Friendly reminder: The Congressional Budget Office has literally published the plan to grow public debt as a % of GDP for the next three decades, with no plan to pay it down. Social Security & future unfunded liabilities are a ponzi scheme dependent on the debasement of the USD.

Autism Capital 🧩 @AutismCapital

ICYMI: John J Ray III, the current CEO of FTX overseeing the bankruptcy, responds to Sam Bankman-Fried’s Substack claims that FTX US is solvent and should be reopened. wsj.com/articles/new-f…

whalechart.org @WhaleChart

JUST IN: Nexo pays $45 million to settle SEC and state charges for failing to register lending product

Alf @MacroAlf

If we really get a proper recession, the SPX ultimate lows might be in the 3,200-3,400 area.

Blockworks @Blockworks_

BTC hash rate hit an ATH this Monday despite the price being down ~70% from the top Via @MattFiebach

whalechart.org @WhaleChart

Cardano Charles Hoskinson considering buying CoinDesk according to Bloomberg.

Watcher.Guru @WatcherGuru

JUST IN: Billionaire Jamie Dimon says interest rate will rise above 5%, citing lots of underlying inflation.

Lark Davis @TheCryptoLark

This chart is HUGE for #crypto!

Lark Davis @TheCryptoLark

Historically #bitcoin has been a great buy at or under the 200 week MA. We are still under it in spite of the recent rally. $btc is still "cheap" at these prices.

Autism Capital 🧩 @AutismCapital

Genesis officially files for Chapter 11 bankruptcy. This letter was just sent to clients.

Bitcoin Archive @BTC_Archive

What happens next? #Bitcoin 🤑

Rekt Capital @rektcapital

If this current #BTC rally is just like the one in 2019, then price is in the Breakout Phase Pullback, Retest Attempt, and Trend Continuation phases await $BTC #Crypto #Bitcoin

Rekt Capital @rektcapital

$BTC $BTCUSD #Bitcoin What if... This latest capitulation was merely a macro pullback following the Ascending Triangle breakout past $4150 And now Bitcoin pulled back to test $4150 into new support before continuing its trend #Crypto https://t.co/PeA0cI9Fkt

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What’s Happening Now?

Bitcoin(BTC)

Bitcoin is still above its 8-week and 20-week SMA’s, although it still has quite a ways to go before it reaches its 50 and 200-week SMA’s

Weekly Timeframe Bitcoin (pink line = 8 week SMA, green line = 20 week SMA, yellow line = 50 week SMA, red line = 200 week SMA)

On the daily time frame, we have broken into the 3rd resistance area, where Bitcoin has moved sideways for the past several days. We have broken through the downtrend (blue line), although Bitcoin could still return to retest it or drop down below it.

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 has pushed higher and is now above all of the 4 SMA’s we are tracking other than the 50-week SMA.

Weekly Timeframe Ethereum

On the daily time frame, Ethereum is just inside the 8th region and is finding some support at the bottom of the 8th/top of the 7th region.

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 now attempting to break through its 20-week SMA, although for now, it’s looking like it may function as an area of resistance.

Weekly Timeframe Cardano

Cardano has moved sideways after breaking through the downtrend it has been stuck under.

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?