Bitcoin Trading : BTC/USD Technical Analysis – 25th June 2014

Analysis provided by Ashton Fraser, learn more about his trading strategies at the Lasers forex forum.

After last weeks' mild price hike from 565 to 600, this week has definitely been a bear affair, thus far. It's interesting to note that the channel we spoke about last week continues to hold, but for how much longer remains to be seen.

Over the weekend, I posted the following BTC/USD Daily chart:

Where I mentioned, "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 appears to be trading within the confines of a very specific channel, determined by two key retracements levels, clearly observable on the Weekly timeframe, when applying a Fibonacci study. It's hard to see this channel letting go of price this coming week, thus we're likely to see further meandering between these two levels."

Well, if we take a look at the current Bitcoin chart on the Weekly timeframe, whilst applying the same Fibonacci study, i.e. from the high of this year at 1000, until the low of this year at 300, we can see this meandering in action (click to expand):

It's the strong support at the 38.2% Fibonacci retracement level at 565 that is keeping price from sliding down any further for now. However, after a number weeks implying bullish potential, we're now slowly beginning to see some signs of future bearish strength, specifically aided by 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, which has just turned red. We also have the middle Bollinger band, (which is actually 20 simple moving average) heading south. Will this be enough to allow price to break below 38.2%? Arguably, although there are still quite a few bullish indicators at play, making it likely for there to be further ranging for the rest of the week.

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