BTC/USD Technical Analysis – 10th April 2014

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 falls to 400 following multiple pieces of bad press worldwide, including but not limited to:

- Huobi, one of the world’s largest bitcoin exchanges, announcing , that they will be closing Huobi’s account next week.

- BTCTrade, another Chinese bitcoin exchange .

- The National Australia Bank is to , citing there's too much risk involved.

All this bad news means one thing, further bears for Bitcoin and Altcoins Altcoins Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of struct Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of struct Read this Term. Let's check out the latest BTC/USD hourly chart below (click to expand):

As I explained in my previous analysis, there was a Bollinger Squeeze in place, marked with a white ellipse. There's always an expansion after a squeeze, often sparked by some major news, such as those mentioned above. Consequently, price fell to 400, which, due to it being a psychological round number, has provided some support for the meantime.

Take a look at the two candles circled in blue; both of them opened and closed below the lower Bollinger band, a rare price action occurrence. Unsurprisngly, price has since tested the 23.6% Fibonacci retracement level. With the Stochastics heading north and the AC & AO both red, I expect further tests within the next few candles.