CDX Research, page-93

This is all IMO and I am by no means an expert.

During its sustained move up recently, the SP has generally followed support the on 14 period EMA, with it very slightly breaking through this support today, before retracing back up. It's move to .068 recently was unsustainable and became overbought basically from open that day. Indicators currently have moved back to a more neutral zone, neither overbought nor oversold. IMO this is likely to consolidate for a short period before making a move back up again. The fact that this broke the previous resistance of .067 (albeit by only 1 step), to me says that this should move through this on the next leg up. There is a gap on the daily chart from 2016 between .087 and .092 which I'm sure many are looking at as an upcoming target, with a potential mild resistance at .073 before that.

Current support is .050, current resistance is .068.

As many have mentioned previously, this area has been a big deal for those that got trapped back at the start of 2019. It's likely many of those holders have now exited once reaching break even. Judging by the new faces here, we have a fresh set of holders, forming a fresh base. Would be interesting to know who has been offloading at .056.