BTC/USD Technical Analysis - 17th Feb 2014

Price has been rising steadily on BTCUSD this morning. Take a look at the chart below (click to expand).

We'll see how despite the downtrend from last week, price, after touching the lower Bollinger band, has literally bounced off the 50% Fibonacci retracement level at 564, all the way to the 61.8% at 630.

The question is, is this a temporary bounce or will 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 continue to traverse the overall path it's been following over the past few weeks.

Well, if price maintains it's head above water, (the 61.85 Fib level in this case), and Stochastics can turn in the next few hours, I wouldn't be surprised if hit eventually hits the Upper Bollinger Band by the end of tomorrow, as we can see how 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 have both turned green. Also, for the first time in a long time, the middle Bollinger line has turned slightly upwards.

On the other hand, the 50% Fib level provides a strong support, after it's been tested twice already, so if price did come down there again, expect another relatively strong bounce.

Analysis provided by Ashton Fraser, learn more about his trading strategies at Forex Reversal.