BTC/USD Technical Analysis – 20th March 2014

Analysis provided by Ashton Fraser, learn more about his trading strategies with the forex reversal indicator.

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 falling rapidly today, smashing right through an important support level.

Let's take a closer look at the BTC/USD H4 chart below:

I’ve performed the Fibonacci study from the low of last month, on the 25th of February at 430, to the high of this month on the 4th, at 698.

We can see immediately that price has barely bothered about the 38.2% Fibonacci retracement level, even though it gave it some value on previous occasions, as we discussed in yesterday's analysis. This tells us the bears are strong right now.

In addition, a strong trendline has formed if we zoom into the lower intraday timeframes such as M15, as can be seen below (click to expand):

So really, the overall short term trend is firmly bearish. However, with the next major Fibonacci zone some distance away, it remains to be seen if the momentum can take it there. For the next few candles though, I expect some consolidation actually, given that on the M15 chart we can see how the Stochastics are oversold, 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 and Awesome Oscillators have turned green for the past few candlesticks.

Learn more at https://www.forexreversal.com