BTC/USD Technical Analysis – 14th March 2014

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 has been continuing in it's Bollinger meandering this morning, but look inside the actual squeeze itself, and you'll notice some familiar technicals.

Let's take a closer look at the BTC/USD chart on the H4 timeframe below (click to expand):

I've performed the Fibonacci study from the low of this month, on the 1st, at 530 to the high of the month on the 4th, at almost 700.

I've drawn a white rectangular box to highlight what price has been doing since the 9th, which is basically bouncing between the 38.2% Fib level at 634 and the 50% level at 614. What's interesting is that even though price managed to breach this channel on a few occasions, it was never able to close above or below the channel, as suggested by some of the longer upper and lower wicks on the candlesticks.

Indeed, with the Stochastics now pointing down, and 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 along with the Awesome Oscillator having turned red, I expect price to re-test the 50% level at 614 within the next few candles.

We also have the past three candlesticks possessing upper wicks without any lower wicks, thus adding further strength to a few bears, even though the channel will most likely put those to a halt soon enough enough.