Ok, so taking a look at Namecoin in today’s technical analysis, we can see how it’s loving those Fib retracements.
Take a look at the H4 chart below (click to expand).
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Price has bounced off the 23.6 level early this morning at 3.474, and has rocketed up to almost 3.9, which is the 50% Fib level.
You’ll see how it then immediately bounced down a few pips. However, you can see how the Stochastics are gearing up for a reversal, i.e. they are underbought and about to cross upwards.
However, this mainly depends on whether price can close above the downwards white trendline. You’ll see how the trendline and 50% intersect at the current time. This in addition to the fact that both Bill William’s trusted indicator, the Awesome and Accelerator Oscillator are looking bullish, tells me that price is very likely to increase beyond the 50% fib level within the next eight hours, most likely touching the 61.8 Fib.
Analysis provided by Ashton Fraser, learn more about his trading strategies at Forex Reversal.