BTC/USD Technical Analysis – 28th March 2014

, it naturally followed that 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's price was going to slump. Hence, price has fallen from a high of yesterday of 588 until a low today at 472.

Let's take a closer look at the BTC/USD H1 chart below (click to expand):

I've performed the Fibonacci study from the two points mentioned above, i.e. from 588 till 472.

As can be seen, price did manage to perform a 50% retrace (circled in red), at 530. I have to say that's a pretty strong retrace for a piece of bad coin press.

However, since the 50% retrace, price then continued to fall down until the 23.6% Fib level at 500. Of course, 500 is a significant number as it's a psychological whole number.

Right now, price is hovering around the 23.6% Fib level (500), but 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 and Awesome Oscillator having turned red, and the Stochastic Oscillator also crossed down, we could see a further drop to around the lower Bollinger band, as long as 23.6% / 500 (which is now a support), level fails to hold.