Bitcoin Bearing Down on This Week’s Consolidation Low

Bitcoin in Consolidation After a Bearish Swing:
Bitcoin has been bearish at least since last week, falling from 523 to a low of 470 this week. BTCUSD is essentially consolidating between 470 and 490, this week’s high. The bias is still bearish and we can see this because: 1) Price action was bearish last week before this week’s consoliation. 2) The 200-, 100-, and 50-hour simple moving averages (SMAs) are in bearish alignment, sloping down, and spreading apart, with price below them. The RSI is held below 60 after tagging below 30, and even 20. There are also a couple of falling trendlines that have acted as resistance and is containing bitcoins price action. This reflects a bearish mode running on all cylinders at least in the 1H chart.
As we move into the late 9/3 session, bitcoin is falling toward the 470 support, threatening bearish continuation.
Bitcoin 1H chart 9/3

This post was published at FXPips on FAN YANG ON SEPTEMBER 3, 2014 AT.