Riding The Wave Weekly Outlook #61

Feb 17, 2023

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

Tweets

Watcher.Guru @WatcherGuru

JUST IN: 🇯🇵 Japan to launch digital yen (CBDC) pilot in April.

Root 🥕 @therationalroot

#Bitcoin back above the HODL'ers average purchase price — let history rhyme pls.🤞

Watcher.Guru @WatcherGuru

JUST IN: 🇺🇸 SEC charges Terra and founder Do Kwon for fraud.

PlanB @100trillionUSD

#bitcoin just broke the 200 week moving average🚀

Nick Gerli @nickgerli1

Wall Street Homebuyers are running out of money. ❌ In Pandemic Boom they raised $32 Billion to fund home purchases.🏠 Last 3 quarters? Only $3 Billion. Very soon they will need to sell properties in order to fund new acquisitions. That's when things will get fun.

Watcher.Guru @WatcherGuru

JUST IN: 🇺🇸 Wyoming lawmakers pass bill that prevents individuals from being forced to disclose their private keys in court.

Bitcoin Archive @BTC_Archive

#Bitcoin hit $24,900 yesterday - the highest price in 6 months! 🙌 https://t.co/2ibfxnt9J6

Bitcoin Archive @BTC_Archive

NEW: 🇺🇸 US Senator tabled a bill to make sure #Bitcoin can NOT be excluded as an option from 401(k) plans.

The Kobeissi Letter @KobeissiLetter

JUST IN: PPI data from January was "revised" higher showing inflation at 6.5% instead of 6.2%. This comes after both December and November CPI inflation data was "revised" higher last week. First they revise the numbers, then they start changing the calculation methodology.

Dr. Jeff Ross 🔥🐂⏰ @VailshireCap

@BTC_Archive USD going up because Treasury yields have moved higher in the short-term--drawing overseas money into the US for the higher yields--strengthening the dollar. $btc going higher because of increasing worldwide liquidity.

Bitcoin Fear and Greed Index @BitcoinFear

Bitcoin Fear and Greed Index is 53 - Neutral Current price: $24,262

The Kobeissi Letter @KobeissiLetter

We have had: 1. Fastest rising rates in history into a recession 2. US credit card debt near a record $1 trillion 3. Record high gas prices in 2022 4. Inflation above 6% for 15 straight months Yet, $SPX is 14% from an all time high. Is this the most resilient market ever?

Dylan LeClair 🟠 @DylanLeClair_

The #bitcoin ordinal effect: Inscription fee rates, mean block size, and taproot utilization are all exploding, while the mempool (transaction queue) is beginning to fill for the first time in months.

Bitcoin Archive @BTC_Archive

#Bitcoin having it's biggest single day PUMP in 159 days. 🚀

What’s Happening Now?

Bitcoin(BTC)

Bitcoin has rallied back up to its 200-week and 50-week SMAs after making contact with its 8-week SMA.

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 rallied off of the bottom of the 4th resistance area, where it was finding support, and shot up into the bottom of the 5th resistance area.