NMC/USD Technical Analysis – 4th April 2014
Similar to other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, Namecoin saw a swift drop over the first part of this week. I explained how we would likely see a touching of a certain Fibonacci extension level.
Right now though, we've seen things settle across the board, with price ranging within a fixed range.
Looking at the NMC/USD chart below on the four hour timeframe (click to expand), we can see exactly what's happening:
I've performed the Fibonacci study from the high of the month at 2.45, to the low of the month at 1.66.
The downtrend's halt was as quick as the actual decline. A good indication of when there's a sudden halt is by looking at the Awesome Oscillator, since it can lag when something like this happens, in this case, we can see although there was a significant retrace, the AO was still red for a number of candles well into the retrace.
However, it's 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 in moves such as these that provide great benefit. This, , gives us an idea of a fresh retrace.
In this case, we saw how price retraced back to the 38.2% Fib level, and it's actually been trying to surpass that ever since, with a succession of candlesticks being told they're unable to pass.
With the Stochastics still heading up and far from being overbought, along with the Awesome showing bullish signs, I expect further tests over the next few candles, although, now that we have the AC as red, there may be a drop to the 23.6% Fib level at 1.85 before 38.2% is tested again.
Similar to other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, Namecoin saw a swift drop over the first part of this week. I explained how we would likely see a touching of a certain Fibonacci extension level.
Right now though, we've seen things settle across the board, with price ranging within a fixed range.
Looking at the NMC/USD chart below on the four hour timeframe (click to expand), we can see exactly what's happening:
I've performed the Fibonacci study from the high of the month at 2.45, to the low of the month at 1.66.
The downtrend's halt was as quick as the actual decline. A good indication of when there's a sudden halt is by looking at the Awesome Oscillator, since it can lag when something like this happens, in this case, we can see although there was a significant retrace, the AO was still red for a number of candles well into the retrace.
However, it's 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 in moves such as these that provide great benefit. This, , gives us an idea of a fresh retrace.
In this case, we saw how price retraced back to the 38.2% Fib level, and it's actually been trying to surpass that ever since, with a succession of candlesticks being told they're unable to pass.
With the Stochastics still heading up and far from being overbought, along with the Awesome showing bullish signs, I expect further tests over the next few candles, although, now that we have the AC as red, there may be a drop to the 23.6% Fib level at 1.85 before 38.2% is tested again.