Live Bitcoin News

http://www.livebitcoinnews.com/blog/bitcoin/bitcoin-and-litecoin-have-formed-price-bottoms-this-week-84
Bitcoin (BTCUSD) and Litecoin (LTCUSD) both started the week on a bearish note, but eventually formed price bottoms. Are they shifting from a bearish market to a bullish one? Let’s take a look at their charts. Looking at the 1H bitcoin chart, we see that after falling to almost 470, price has been sideways. There was a range roughly between 470 and 490. Volatility narrowed on 9/3, but expanded on 9/4 when price rallied sharply and broke above that 490 consolidation high. This is accompanied by relatively strong volume. Note that price broke above the 100-, and 50-hour SMAs, which at this point might act like support if bitcoin is indeed putting in a price bottom. The RSI shot up above 70, showing introduction of bullish momentum in the 1H chart.