Riding The Wave Weekly Outlook #64

Silvergate Bank Closes its doors

Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here

Table of Contents

1. Tweets

2. What’s Happening Now?

3. What Might Happen Next?

---

Tweets

Alf @MacroAlf

Why this sudden meltdown in bank stocks? A couple of interesting theories and charts are doing the rounds, so let's have a look under the hood. A thread. 1/

Dare Obasanjo @Carnage4Life

A bank primarily used by crypto companies (Silvergate) collapsed yesterday. Today, a bank primarily used by VCs looks set to collapse as well. Tech has gone from a Midas Touch to a kiss of death.

Root 🥕 @therationalroot

We fell through the Long-Term Holder cost basis, but there is a major line of defence sitting just under 20k. #Bitcoin

Watcher.Guru @WatcherGuru

JUST IN: 🇺🇸 Kucoin #crypto exchange sued by New York's Attorney General.

James Lavish @jameslavish

To all the Fed governors who keep saying you can continue raising rates and still avoid a recession: The market doesn't believe you.

Watcher.Guru @WatcherGuru

JUST IN: 🇺🇸 President Biden calls to double capital gains tax from 20% to 40%.

Watcher.Guru @WatcherGuru

JUST IN: Silvergate Capital $SI to shut down operations and liquidate the bank.

Callie Cox @callieabost

Working on something a lil technical 👀 BTW, the copper-gold ratio tends to turn right before big stock selloffs. Right now...not seeing anything like that.

---

What’s Happening Now?

Bitcoin(BTC)

Bitcoin has followed traditional markets down and dropped to just above its 20-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 has dropped to the bottom of the 3rd resistance area.

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 to its 200-week and 20-week SMA’s.

Weekly Timeframe Ethereum

On the daily time frame, Ethereum has lost support at the bottom of the 8th resistance area and fallen into the 7th resistance area.

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 fallen just below its 20-week SMA.

Weekly Timeframe Cardano

On the daily time frame, Cardano has continued to bounce around the 5th resistance area.

Daily Timeframe Cardano. Red boxes are potential areas of support/resistance, the blue line represents the downtrend we were following.

---