Bitcoin remains bearish as we can see on the 4H chart.
– The 200-, 100-, and 50-period simple moving averages (SMAs) are sloping down, in bearish alignment, and price is below all of them.
– The RSI has held below 60, and show maintenance of the bearish momentum.

Today, bitcoin fell toward the September low of 456. It has been making lower highs and lower lows since the August 21st high of 534. If price breaks below 456, we have another new low, and the bearish trend would be intact. The next support would be the 442 low from August.

Bitcoin (BTCUSD) 4H Chart 9/17
bitcoin 4h chart 9/17

(click to enlarge)

On the daily chart, we can see that a break below 442 can open up the 340 low on the year. Note that the market is indeed bearish in 2014 based on the moving averages, price action, and RSI, except for the April-June rally, which was initially a bullish signal, but turned out to be an ABC correction.

Bitcoin (BTUCUSD) Daily Chart 9/17
bitcoin daily chart 9/17

(click to enlarge)

 

Litecoin also turned bearish this week. The 4H chart shows the LTCUSD break below Septembers rising trendline, and below the cluster of 200-, 100-, and 50-period SMAs. The RSI was also dragged down to 30, showing nascent bearish momentum in September. The current support pivots are 4.85 and 4.60. A break break below these levels an revive a prevailing downtrend, and open up the 3.33 August-low.

Litecoin (LTCUSD) 9/17 4H Chart
litecoin 4h chart 9/17

(click to enlarge)

The daily chart shows that the market is essentially edging toward the 2014-low at 2.21. It made a dramatic rally and almost an equally dramatic retreat at the end of 2013. In 2014, the market failed to push price back to those late 2013 highs, and litecoin dipped dramatically in June to 2.21. A tthis point, a break above 5.30 will be needed to at least neutralize the market in the 4H chart, especially if the 4H RSI also pushes above 60. Otherwise, the outlook is bearish toward 4.60, 3.33, and even 2.21.

Litecoin (LTCUSD) Daily Chart 9/17
litecoin daily chart 9/17

(click to enlarge)

Previous Post by Author: Bitcoin Turning Bearish with a mini-Breakout

Tags: , , , , , , , ,

Leave a Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.