BTC/USD Technical Analysis – 11th May 2014
The price action on 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 over the weekend behaved in a manner precisely as I had envisioned, with price rising after certain conditions had been met, whilst the resistance zone, which has been holding for almost a fortnight, continues to stay firm.
During my previous technical analysis on BTC/USD on Friday last week, I posted the following chart:
For which I performed the Fibonacci study from the high of last month on the 16th of April at 545, until the low of this month at 410, where I mentioned, "despite the slight drop yesterday, both 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 and the Awesome Oscillator closed the day as green, giving me the green light (pardon the pun), to state with confidence that I strongly expect the price of Bitcoin to reach at least the 23.6% Fibonacci retracement level very soon, probably over the weekend."
Indeed, this testing of 23.6% at 442 came to pass over the weekend, as we take a closer look at the latest BTC/USD Daily chart below (click to expand):
However, price has not been able to surpass 23.6%, and for good reason, which I expanded upon on Friday, "The reason why I'm still sceptical about price hiking even higher than 23.6% at 442 just yet is due to a number of other technicals such as the Parabolic SAR dots above the candlesticks, the Bollinger bands heading down, and perhaps most pertinently, previous price action, in so far as the sine wave that's been occurring over the past fortnight between the current low and 23.6%."
Whether or not this sine wave carries on over this coming week remains to be seen. We have some factors which may prevent another drop to the current low, at least for the first half of this week, since the Stochastics are still heading up, far from an overbought territory, the Accelerator and Awesome Oscillators are both a bullish green. I suspect there could be another test of 23.6% this week.
The price action on 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 over the weekend behaved in a manner precisely as I had envisioned, with price rising after certain conditions had been met, whilst the resistance zone, which has been holding for almost a fortnight, continues to stay firm.
During my previous technical analysis on BTC/USD on Friday last week, I posted the following chart:
For which I performed the Fibonacci study from the high of last month on the 16th of April at 545, until the low of this month at 410, where I mentioned, "despite the slight drop yesterday, both 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 and the Awesome Oscillator closed the day as green, giving me the green light (pardon the pun), to state with confidence that I strongly expect the price of Bitcoin to reach at least the 23.6% Fibonacci retracement level very soon, probably over the weekend."
Indeed, this testing of 23.6% at 442 came to pass over the weekend, as we take a closer look at the latest BTC/USD Daily chart below (click to expand):
However, price has not been able to surpass 23.6%, and for good reason, which I expanded upon on Friday, "The reason why I'm still sceptical about price hiking even higher than 23.6% at 442 just yet is due to a number of other technicals such as the Parabolic SAR dots above the candlesticks, the Bollinger bands heading down, and perhaps most pertinently, previous price action, in so far as the sine wave that's been occurring over the past fortnight between the current low and 23.6%."
Whether or not this sine wave carries on over this coming week remains to be seen. We have some factors which may prevent another drop to the current low, at least for the first half of this week, since the Stochastics are still heading up, far from an overbought territory, the Accelerator and Awesome Oscillators are both a bullish green. I suspect there could be another test of 23.6% this week.