CPI 3.3% - Lower Than Expected - Here We Go!

#bitcoin #ethereum #crypto #altcoins #altseason

Ethereum

Traders,

As I had mused in yesterday’s post, it has been extremely difficult, frustrating, and aggravating to hold our alts through this particular pullback. But if you’ve managed to hang with me thus far, I think we’ve done it. With the announcement today in the U.S. that our CPI was 1/10 of a percent lower than expected, that looks to be the only trigger needed so far. The dollar dropped, the VIX dropped, the SPY is up, stocks are up, and Bitcoin/Ethereum followed as anticipated.

Ethereum, though it walked the line and created some FUD, held its 3500 support. Yesterday, I mentioned that I could see it wicking down to that 50-day or even 100-day SMA. Literally minutes after making that post, Ethereum dropped below its 3500 support and wicked down to both SMAs, making me look like a pro!

Bitcoin did the same. Both can now be considered leaders in our crypto space however, I like to focus on Ethereum because it has now obtained a slightly greater influence on altcoins. Thus, with Ethereum pumping today, we have seen altcoins follow suit.

I do believe our local low is now in and if you made it this far, congratulations are in order. You were some of the few traders who did. Barring any major geo-political events or news items, the remainder of the summer should be a ton of fun!

To the stars!