Riding The Wave Weekly Outlook #96
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Table of Contents
Tweets
What’s Happening Now?
What Might Happen Next?
Tweets
https://twitter.com/bitcoinlfgo/status/1715364949789380848
https://twitter.com/AutismCapital/status/1715199418004386236
https://twitter.com/HollanderAdam/status/1715336378626580616
https://twitter.com/WatcherGuru/status/1715112876354961836
https://twitter.com/WhaleChart/status/1715067991614730335
https://twitter.com/WatcherGuru/status/1715071895261827128
What’s Happening Now?
Bitcoin(BTC)
Bitcoin has managed to push back up to near its highest price this week, which it reached due to false rumors of a Bitcoin ETF approval. It is also above all 4 SMA’s we track.
On the daily time frame, it has broken into the 6th resistance region thanks to the false rumor released by cointelegraph.
Ethereum(Eth)
Ethereum rallied up to the lowest of the 4 SMA’s we watch, but it hasn’t yet pushed above any of them.
Ethereum is still in the lower area of the 8th resistance region, but it is now at least not resting on the bottom like it was before.
Cardano(Ada)
Cardano is once again just barely above its 8-week SMA.
On the daily time frame Cardano is continuing to move sideways.
What Might Happen Next?
While we haven’t broken above $30k, we have seen something extremely exciting with Bitcoin’s market cap pushing higher than the combined altcoin market cap. As can be seen below, this has happened before each bull run in the past and when Bitcoin was surpassed by the altcoin market cap it previously signaled the end of the bull run and the start of a bear run.
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