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Bitcoin Put in a Price Bottom and is Now at the Crossroad

Bitcoin entered the week on a bearish note, falling from last week's high of 523 to this week's low around 470. Price consolidated roughly between 470 and 490 before rallying sharply on Thursday (9/4). This rally
1) broke above the consolidation and thus formed a price bottom.
2) pushed above the 100-, and 50-hour simple moving averages (SMAs), which should provide support if the price bottom is to stick.
3) pushed the RSI above 70, showing nascent bullish momentum.
4) is accompanied with relatively strong volume.

These are attributes that signal a bullish outlook. However,
1) price is still below the 200-hour SMA
2) price did not clear a falling trendline from last week's high of 523.
3) a near-term rising trendline is broken.

The price bottom is still intact, and bitcoin is at the crossroad.

Bitcoin 1H chart 9/15

(click to enlarge)

If the price bottom is to stay, price should hold above 480. Then a break above this week's high around 497 might open up a bullish outlook, but we also have a falling resistance that connects the 534 and 523 resistance pivots. This is a key one to break to open up the bullish outlook towards 534.

However, a break below 479 would invalidate this week's bullish attempt and revive a bearish outlook first toward the 470 low of the week. Below 470, the August low of 442 will be in sight.