Live Bitcoin News

http://www.livebitcoinnews.com/blog/bitcoin/bitcoin-threatening-bearish-continuation-after-an-abc-pattern-116
Bitcoin has been choppy these past couple of weeks. Direction has not been clear. We began this week falling below last week’s consolidation low of 470. This maintained a bearish outlook, and opened up to the 442 low from August. However, we saw a rally from the 456 level to 492. This broke above the 200-, 100-, and 50-hour simple moving averages (SMAs), and a falling trendline. Meanwhile the 1H RSI popped up above 70 to show some nascent bullish momentum in this time-frame. We can see that the rally has been in an ABC pattern this week – a correction pattern. As we get into the 9/12 Friday US session, price is threatening to continue the bearish trend.