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Bitcoin Consolidating Between 490 and 470

Bitcoin fell from 523 last week and found support at 470 this week during the 9/2 session. This week, bitcoin is consolidating between 470 and 490. However, the bearish bias is still intact. 
- The 200-, 100-, and 100-hour simple moving averages (SMAs) are sloping down and are bearish alignment, with price action below all of them.
- The RSI has tagged 30 and lower to show bearish momentum. Abilit to hold below 60 shows maintenance of the bearish momentum.

Bitcoin 1H chart 9/3

(click to enlarge)

Now a break above 490 with the 1H RSI pushing above 60 would put in a price bottom. There is also a falling trendline and the 200-hour SMA aroudn 495. A break above 500 might be needed to shift the bearish trend in the 1H chart to a bullish one. 

When we look at the 4H chart, we can see that the market is in bearish continuation, which will remain in play if price can stay below 500. Above 500, price will focus on the 523-530 resistance area. Otherwise, if price breaks below 470, the downside risk in the short-term is to the 442 August-low.

Bitcoin 4H Chart 9/3

(click to enlarge)

Fan Yang also contributes to LiveBitcoinNews where he keeps tabs on bitcoin, litecoin, and other cryptocurrencies.