Riding The Wave Weekly Outlook #97
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Table of Contents
Tweets
What’s Happening Now?
What Might Happen Next?
Tweets
https://twitter.com/AutismCapital/status/1717931721080074568
https://twitter.com/NorthmanTrader/status/1717875291735851133
https://twitter.com/DonMiami3/status/1717550932714791186
https://twitter.com/nickgerli1/status/1717585584674246727
https://twitter.com/Matt_Hougan/status/1717568309527281773
https://twitter.com/WhaleChart/status/1717300432719036548
What’s Happening Now?
Bitcoin(BTC)
Bitcoin has pushed even higher this week after the Bitcoin ETFs were not approved, but they did appear on the DTCC website, implying that they may be approved within weeks to months.
Bitcoin is now in the 7th resistance region, finding support on the top of the 6th.
Ethereum(Eth)
Ethereum has pushed above all 4 of the SMA’s we track.
Ethereum is once again in the middle of the 8th resistance region.
Cardano(Ada)
Cardano has climbed above its 20-week SMA for the first time in over a month.
On the daily time frame ADA is still in the 5th region but is now in the middle instead of the bottom portion of it.
What Might Happen Next?
With the Bitcoin market cap surpassing altcoins last week and now all of the positive news around Bitcoin ETF approval this week, its looking extremely optimistic for Crypto. I could see it dropping if the ETFs aren’t approved soon but I recommend keeping in mind that their being listed increases the odds that they will be approved at all significantly.
There is so much excitement around the ETFs because any crypto ETF will provide a much safer way for people to invest in crypto, indirectly leading to a significant portion of funds, businesses, & individuals flooding into crypto.
While this current price range might not hold up in the short term, I could definitely see this as being a trend shift from gradually downwards to more a upwards leading trend into the halving event in April.
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Disclaimer: The information in this Newsletter is not financial, legal, or tax advice. I only trade on Etoro; if you are reached out to by people requesting you join a group or provide money, it is not me. My only public social media accounts are this Substack page, my Youtube page, my Twitter page, and my Etoro page; any others you see online are not me.