JWPlayer: Dynamic bit rate switching with MP4 files?

Question

We are currently using Brightcove to host our videos. We wanted to take advantage of the RTMP streams available for dynamic bit rate switching but unfortunately they are only available to BC's own player.

Assuming HTTP pseudo streaming is available, is there a way to achieve dynamic bit rate switching with MP4 files?

I could only find examples for RTMP streaming and manual rendition toggling in the sopport pages.

---

Edit:

This will allow multiple video renditions, but won't dynamically adjust to the user's available bandwith. Also, the default rendition has to be manually selected.

<div id="myElement"></div>

<script>
    jwplayer("myElement").setup({
      image: "/uploads/myPoster.jpg",
      sources: [{
        file: "/uploads/myVideo720mp4",
        label: "720p HD"
      },{
        file: "/uploads/myVideo360.mp4",
        label: "360p SD",
        "default": "true"
      },{
        file: "/uploads/myVideo180mp4",
        label: "180p Web"
      }]
    });
</script>