Bitcoin is signaling a bearish outlook. Last week, price failed to rally above the 50- period simple moving average (SMA). This week, price broke below last week’s 470 low. Then after a bullish pullback, price still remained below the noted resistance factors, confirming the bearish outlook toward the 442 August low.

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Bitcoin and Litecoin Technical Update (9/9)
Bitcoin
Bitcoin is signaling a bearish outlook. Last week, price failed to rally above the 50-
period simple moving average (SMA). This week, price broke below last week’s
470 low. Then after a bullish pullback, price still remained below the noted
resistance factors, confirming the bearish outlook toward the 442 August low.
Bitcoin 4H chart 9/9
The daily chart shows that bitcoin has been bearish in 2014.
After a rally from 340 to 681, this bearish trend revived. Thus,
if price breaks below 442, we will have the 340 low in sight.

2. Bitcoin and Litecoin Technical Update (9/9) LiveBitcoinNews.Com
Litecoin
Litecoin is developing fractal triangles. After last week’s inverted head and shoulder
pattern, litecoin rallied to 5.30. After that, the cryptocurrency started to contract, with lower
highs, but with a steady support around 4.85. Price is essentially forming a descending
triangle. The triangle support is at 4.85. A break below 4.85 should open up the September
low at 4.60.
Litecoin 1H Chart 9/9 When we look at the 4H chart, we can see that the bearish
outlook to 4.60 would be a test to a larger descending
triangle. Having a smaller triangle within the larger triangle,
litecoin has fractal consolidation patterns. A break below the
smaller triangle would be a strong signal that price will also
break the larger triangle. A break below 4.60 would then
open up the 3.33 August low. A break below 3.33 then
would open up the 2.21 low on the year.
The bearish outlook is preferred. We can see in the 4H chart that price was bearish before
the 3.33-6.19 rally. If price falls below 4.60, it would return to the lower half of the
consolidation range, and revive the bearish bias. Note that price would also fall below the
100-, and 50-period SMAs as early as a break below 4.85, which also adds to the bearish
bias.

3. Bitcoin and Litecoin Technical Update (9/9) LiveBitcoinNews.Com
It will take a break above 5.30, to clear the triangle resistance and the 200-period
SMA in the 4H chart. This can shelve the bearish outlook for a short-term bullish
outlook toward 6.19. Then, a break above 6.20 can open up a bullish outlook for the
medium-term.
Litecoin 4H chart 9/9
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