On Aug. 28, Bitcoin (BTC) recouped its weekly close losses as Chinese tax cuts boosted risk assets. Microsoft Open AI and C3.ai stock are among the latest developments in Artificial Intelligence (AI) in China, while US AI rankings are also making headlines.
BTC price 200-week EMA stands out as support
As U.S. futures opened on Wall Street, the BTC/USD rate managed to reach $26,226, its highest level since Aug. 25, which followed a BTC price uptick and was boosted by news of a 50% tax cut on stock trading in China.
Eight’s founder and CEO Michaël van de Poppe noted that the 200-week exponential moving average (EMA) at around $25,700 serves as a key support zone to protect. He added that order book liquidity “most likely” resided below the 200 EMA.
Popular trader Titan of Crypto, on the other hand, highlighted $25,900 as a prominent zone of interest, stating that this is the level to watch.
Bitcoin RSI stays “very low” for second week
Pheonix, a trader, noted that Bitcoin’s relative strength index (RSI) on lower timeframes remains at very low levels, similar to what it was five years ago after the 10% BTC price dip ten days ago.
“RSI still very low, for 1.5 weeks already now,” they commented on Aug. 28.
The only exception to this trend was seen in September 2019.
The RSI, which is used to determine if an asset is overbought or oversold at a given price point, has been staying at a very low level for the second week.
Subscribe to our email newsletter to get the latest posts delivered right to your email.
Comments