BTC/USD Technical Analysis – 2nd 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, as predicted, continues to meander between two key support and resistance levels. How long will this pattern continue?
Let's take a closer look at the BTC/USD chart on the H4 timeframe (click below to expand):
I’ve performed the Fibonacci study from the high of last week at just below 590 until the low of March at 445.
We saw how yesterday price managed to test the 38.2% Fib retracement level (circled in red), which was also a psychological round number of 500, before dropping to the 23.6% Fib level at 480.
Then, that, "with the indicators still all in agreement concerning the bulls, I still expect price to test the 38.2% / 500 line again later on."
Indeed, this is exactly what happened this morning, as circled in yellow.
I expect this current pattern to continue, for the next few candles. The resistance at 500/38.2% just keeps growing in strength, so we'll very likely see a test of the 23.6% Fib level at 480 later today, especially given the fact we 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 Oscillator as red, whilst the Stochastics are approaching overbought levels.
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, as predicted, continues to meander between two key support and resistance levels. How long will this pattern continue?
Let's take a closer look at the BTC/USD chart on the H4 timeframe (click below to expand):
I’ve performed the Fibonacci study from the high of last week at just below 590 until the low of March at 445.
We saw how yesterday price managed to test the 38.2% Fib retracement level (circled in red), which was also a psychological round number of 500, before dropping to the 23.6% Fib level at 480.
Then, that, "with the indicators still all in agreement concerning the bulls, I still expect price to test the 38.2% / 500 line again later on."
Indeed, this is exactly what happened this morning, as circled in yellow.
I expect this current pattern to continue, for the next few candles. The resistance at 500/38.2% just keeps growing in strength, so we'll very likely see a test of the 23.6% Fib level at 480 later today, especially given the fact we 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 Oscillator as red, whilst the Stochastics are approaching overbought levels.