Bitcoin and other cryptocurrencies are extending the wave of gains initiated after the reading of lower US CPI data. The most popular cryptocurrency broke above the USD 67,000 zone today, and thus goes out to new highest levels seen in more than a month.
Technical overview:
From a technical perspective, we can consider the currently broken out USD 67,000 level and the 50- and 100-day exponential moving averages (marked in blue and purple respectively on the chart) as important support points. From an on-chain perspective, the USD 60 900 zone (the average STH Realized Price short term investors' buying zone) may prove to be key. As for resistance zones, a breakout of the 67,000 zone could theoretically open the way to a retest of the USD 70,000 zone (in view of the lack of indirectly significant technical points on the chart in this range).
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Source: xStation
Ethereum is already gaining more than 5.5% intraday and is currently testing an important resistance zone defined by the 50-day exponential moving average (blue curve on the chart below).
Source: xStation
Please bear in mind that this trading publication is informative and educational. It is not an investment recommendation or information recommending or suggesting an investment strategy. Cryptocurrencies are volatile instruments and therefore extreme caution should be exercised when making any/all investment decisions.
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