BTC/USD Technical Analysis – 27th April 2014

Whilst the bears continue to loom over 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, a certain support zone is somehow, , managing to hold its own.

Let's take a closer look at the latest BTC/USD H4 chart below (click to expand):

During my previous analysis on Bitcoin, I had mentioned, "I feel there could well be a break below 444, for a few reasons, since we have the Stochastic Oscillator heading south from an overbought position. We also have 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 turning red, along with the Awesome Oscillator. I really doubt 50% (444) can hold for much longer, and if we don’t see a drop to the 61.8% Fib by the weekend (marked in blue), I’d be surprised."

Well, surprised I was, because as we can see, there was no break, price has been ranging over the weekend. Indeed, the fact that 50% has held, is a testament to the burgeoning confidence in Bitcoin as a potentially viable currency, as opposed to merely a "pump and dump" monetary football.

Right now, price is hovering just above 50%, marked in white, and seeing as though the technicals are in total conflict with each other, I'd expect further consolidation throughout the day.

A word of caution, this could be a temporary pause in market movement, since usually we'd have the Bollinger Bands squeezing and converging, but this is not happening right now, in fact they're still heading south. We may see this change over the next 24 hours, but for now, I'm still not comfortable with that support.