NMC/BTC Technical Analysis – 1st May 2014

After a number of consecutive bear days, 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 manages to attain some reprieve, with the bulls allowing it to retrace a fair few pips.

During my last technical analysis on NMC/BTC, I contemplated, "So the key question is, is this southern trend going to continue?"

Whilst posting the following H4 chart:

Coming to the conclusion, "For the short term – it’s very likely we’ll see some bulls attempting to muster some strength... due to what I’m seeing on the H4 timeframe... we can see how right now, the Stochastics are beginning to creep upwards from an extremely oversold position, with the AC and AO just turning green."

So let us take a closer look at the latest NMC/BTC chart below, this time I'm zooming out to the Daily timeframe so we can draw longer term Fibs (click to expand):

I’ve performed the Fibonacci study from the high on the 16th of April at 0.00655 (which is the high of the past two months), until the current low on Monday at 0.0045.

I think the chart above does all the talking. Price has risen, testing the 23.6% Fibonacci retracement level 0.005, but it now seems set to break it. I'm talking about a true break, i.e. a candle closing above that level, as opposed to the upper wick merely exceeding it temporarily. Many of the indicators are now in alignment, including the Stochastics which are oversold and appear to be crossing over very soon; plus 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 AND the Awesome Oscillator as green.

Hence, if a break occurs today, which is likely, then expect price to increase to at least the 38.2% Fib by the weekend.