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Bitcoin in a Bearish Continuation

Bitcoin prices (BTCUSD) is showing bearish continuation. Last week, there was a strong rally attempt seen in the 1H chart. Price rallied above the 200-, 100-, and 50-hour simple moving averages (SMAs), and the 1H RSI popped up above 80. This showed loss of the prevailing bearish bias, and the start of bullish momentum. However, rally attempt did not extend, and price fell below the SMAs, while the 1H RSI fell below 30. This re-established the bearish bias, and the bearish momentum. Bitcoin looks poised for bearish continuation especially with price falling below last week's 390 low. 

Bitcoin 1H Chart 9/29(click to enlarge)

Now, with the 1H RSI oversold, bitcoin is in a bullish pullback. If we respect the prevailing downtrend, we should look for resistance in the 390-400 area. Here price would be testing a previous support area as well as the 50-hour SMA. 

A break above 410 would clear these SMAs and would put bitcoin back in consolidation. Otherwise, the current bearish outlook has the 340 low on the year in sight.