NMC/BTC Technical Analysis – 12th May 2014

Namecoin vs 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 has been continuing on the meandering path which it's been negotiating over the past fortnight, between two Fibonacci levels.

During my last technical analysis on NMC/BTC, I posted the following Daily chart:

For which I performed the Fibonacci study from the low on the 13th of April at 0.00390, until the latest high on the 16th of April, at 0.00655, where I mentioned, "this current traversing of price between the 78.6% and 61.8% Fibonacci retracement levels is likely to continue, as long as we see 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 change green by the weekend, which I am optimistically anticipating."

The condition I specified with regards to the Accelerator Oscillator turning green was fulfilled by the weekend, and as expected we had the bounce off the 78.6% Fib level, as can be seen via the latest NMC/BTC Daily chart below (click to expand):

Note how the last three candles have been dojis, price has barely moved, and with conflicting technicals such as the Accelerator as green but the Stochastics crossing down, it seems we're entering into a Bollinger Squeeze, as the upper and lower bands converge together - I wouldn't be surprised if the middle Bollinger line soon becomes horizontal.