BTC/USD Technical Analysis – 8th May 2014

Continuing on from this week's analysis concerning the potential rise of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, price has almost reached the retracement level I talked about yesterday. More technicals have come into alignment today, and it's now a matter of price fulfilling its potential.

In yesterday's BTC/USD analysis, I posted the following chart:

For which I've performed the Fibonacci study from the high of last month on the 16th of April at 545, until the low of this month (Tuesday), at 410. I was very forthright in my opinion, explaining, "Personally, I am strongly anticipating the Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term Oscillator to turn green very soon, almost definitely this week, which will give further confidence in the bulls, because we already have the Stochastic Oscillator in oversold territory, and it's virtually itching to get out of there. Put simply, assuming the Accelerator turns green this week - if price doesn't hit 23.6% at 442 this week, I'd be very surprised."

The first part of my prediction has come true, i.e. the Accelerator turning green, the second part is coming to fruition, i.e. the Stochastics now every so slightly beginning to heading north, and the third part is also on the way, as price is close to the 23.6% Fibonacci retracement level at 442. We can see all this in action by way of the current BTC/USD H4 chart below (click to expand):

You'll also notice that the Awesome Oscillator has just turned green as well, a welcome surprise, since usually the Accelerator precedes the Awesome. However, today's candlestick is a doji, i.e. price, even though it has fluctuated, is currently residing at its opening price (or closing price of yesterday). Of course, it wouldn't be wise to make assumptions until the candle has closed, so in theory the AC could still change before the day's end.

Thus, I continue to hold that price shall hit 23.6% at 442 by the end of the week, as long as the chart's technicals adhere to my aforementioned conditions.