Riding The Wave Weekly Outlook #60

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Table of Contents

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

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Tweets

Bitcoin Archive @BTC_Archive

JUST IN‼️ 91% of Institutional investors are interested in buying digital assets - BNY Mellon survey 👉#Bitcoin

Root 🥕 @therationalroot

Confluence of support at ~20k. #Bitcoin

Blockworks @Blockworks_

Holders of Rihanna’s “Bitch better have my money” NFT will own a fraction of the song’s streaming royalties. @shaliniX0 reports:

blockworks.coRihanna NFTs Enable Holders To Earn When This Song PlaysNFTs of the latest smash hit song from music superstar Rihanna sold out within minutes and holders are eligible for a piece of the action.

Bitcoin Archive @BTC_Archive

BREAKING: Argentina to seek 'proof-of-solvency' from cryptocurrency companies - Bloomberg 🤝

The Kobeissi Letter @KobeissiLetter

Until we receive CPI next week, this choppy price action is set to resume. This market is almost entirely focused on what the Fed is going to do. The problem is that not even the Fed knows what they are going to do. Economic data over the next few weeks is extremely important.

Watcher.Guru @WatcherGuru

JUST IN: 🇺🇸 US banking giant BNY Mellon says #cryptocurrency is here to stay.

Callie Cox @callieabost

Also, this is an abnormally long bear market if we *don't* end up hitting a recession. In the three bears that didn't overlap with a recession, the S&P 500's peak-to-trough decline took an average of 6 months

Callie Cox @callieabost

In bear markets, you typically get your recession quickly. In every S&P bear market since 1950 that overlapped with a recession, the recession started within a year after the peak. Not so much this time around. 13 months and counting🐻

whalechart.org @WhaleChart

BREAKING: Stablecoin issuer Paxos is being investigated by New York Regulator

Autism Capital 🧩 @AutismCapital

Today the SEC, IRS, and NYDFS have decided to go thermonuclear on Crypto. Kraken has shuttered their staking services and been fined $30M, they have been issued a summons by the IRS for user data, and Paxos is being investigated by the NYDFS. Rough waters ahead, tread carefully.

Rekt Capital @rektcapital

#BTC performed a Daily Candle Close below ~$23400 which preceded a rejection However technically the consolidation inside the triangle (green) continues $BTC may test the Higher Low (green) soon & it needs to hold to maintain this multi-week technical uptrend #Crypto #Bitcoin

Benjamin Cowen @intocryptoverse

#Bitcoin currently down 66% from the all-time-high

Watcher.Guru @WatcherGuru

JUST IN: Coinbase CEO says he heard rumors the SEC wants to ban #crypto staking.

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What’s Happening Now?

Bitcoin(BTC)

Bitcoin has dropped slightly and will test its 8-week SMA next week if it continues moving downwards.

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, Bitcoin has dropped to the bottom of the 4th resistance area and is testing for support.

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 dropped down away from its 50 week SMA and is now approaching its 8-week, 20-week, and 200-week SMA’s.

Weekly Timeframe Ethereum

On the daily time frame, Ethereum has dropped back to the bottom of the 8th resistance area, where it is finding support.

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 has dropped down to its 20-week and 8-week SMA’s where it appears to be finding support.

Weekly Timeframe Cardano

On the daily time frame, Cardano has been rejected by the 6th resistance area.

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?