Technical Analysis – BTCUSD retreats after unsuccessful test of 50-SMA
Posted on May 9, 2024 at 11:43 am GMTBTCUSD drops after failing to claim 50-day SMA The price extends its series of lower highs and lows Momentum indicators are tilted to the downside BTCUSD (Bitcoin) had been in a slow but steady recovery since its bounce off the two-month bottom of 56,483. However, the rebound faltered and the price reversed back lower following its second unsuccessful attempt to conquer the 50-day simple moving average (SMA). Should Bitcoin extend its pullback, the March-April support of 59,400 might curb initial downside attempts. [..]