Technical Analysis – BTCUSD rebounds strongly but 200-SMA caps upside
Posted on August 31, 2023 at 12:13 pm GMTBTCUSD (Bitcoin) broke aggressively above its rangebound pattern on Tuesday, temporarily jumping above the 28,000 mark. However, the bulls lost the battle around the 200-day simple moving average (SMA), with the price slipping before entering a tight range in the last couple of sessions. The momentum indicators currently suggest that near-term risks remain tilted to the upside. Specifically, the MACD is strengthening above both zero and its red signal line. If buying interest intensifies, the king of cryptos could initially test [..]