NMC/BTC Technical Analysis – 9th April 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 is approaching dangerously close to its low of 2014. Will the support hold?

We need to zoom out to the Weekly timeframe to understand why NMC/BTC is hovering above a massive support zone. Take a look at the chart below (click to expand):

I've performed the Fibonacci study from the last major swing low on the W1 at 0.00115 to the high of the past year at 0.00153. All is revealed, as we see how price is located right now at exactly the 78.6% Fib retracement line.

It's midweek, and the current candle has hardly moved, telling us the support is holding for now. 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 Oscillator just having turned green, a precursor to a reversal possibly?

Also, the Stochastic Oscillator is in oversold territory. Part of the Stochastic, specifically the K period, is now horizontal, so I'm looking forward to the Oscillator crossing upwards, possibly next week. On the other hand, if there is a break of 78.6%, then it's going to be very difficult to stop these bears, which have been gaining momentum since the start of the year.