BTC/USD Technical Analysis – 23rd April 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 carries on from where it left off yesterday, with certain support and resistance zones continuing to act as barriers for price.

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

I’ve performed the Fibonacci study from the low of the month at 343, until the high of the month at 545.

As I mentioned yesterday, "If we zoom out to the Daily timeframe, to try and observe a potential trend in the making, it’s hard to envisage, since the previous few days tells us something pretty obvious, i.e. a clear pattern here of ranging; it’s vital to pay heed to what the candlesticks on their are telling us."

Of course, the two levels of support and resistance we're talking about are the 23.6% and 38.2% Fibonacci retracement levels, at 497 and 467 respectively. We're talking about candlesticks with small bodies, long upper and lower wicks, price opening and closing very close to each other, etc... i.e. all the classic hallmarks of consolidation.

We do have the Stochastic Oscillator heading down however, along with 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 as red, so I'd expect another test of the 38.2% at 467 later today.