NMC/USD Technical Analysis – 23rd April 2014

Namecoin may have loved every minute of its intense sharp rise, reaching a climax during mid April, but unfortunately it’s

Namecoin may have loved every minute of its intense sharp rise, reaching a climax during mid April, but unfortunately it’s now feeling the blues, rather than the bulls.

I mentioned during yesterday’s NMC/USD analysis, that “Namecoin continues to hover around 2.5 this week, carrying on from last week, although we could see some bears pick up momentum fairly soon.” Perhaps I should have rephrased that to, “very soon”. This was the chart I posted (click to expand):

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nmcusddaily_22_04_2014_

Going on to explain,

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“the bears will very likely push price down again – my guess is to at least the 50% at 2.345, possibly this week.”

Well, let’s take a closer look at the current NMC/USD Daily chart below to see what happened (click to expand):

nmcusddaily_23_04_2014

I’ve performed the same Fibonacci study, i.e. from the year low at 1.34 until the month high at 3.35. As we can see, price as indeed come down to 50% at 2.345, testing it to the very pip , before bouncing back up a little. The key question now is, will 50% hold? Possibly, but even if it doesn’t, I can still see 61.8% providing enough support for this week.

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