BTC/USD Technical Analysis – 3rd 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 drops to 420, a significant milestone, for a number of reasons. The bears are strong, but likewise there are strong lines of support which may put some temporary pauses on this southern momentum.

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

First thing to make note of is the red horizontal support line. As I type this analysis, price is located here, and it's already been tested and rejected on two previous occasions; once on the 18th of December last year, and once on the 25th of February, circled in blue.

I've performed the Fibonacci study on this chart to seek extensions. In this case, from the low of January 2014 to the highest point since then. This gives us another vital piece of information, as, coinciding with the red horizontal support line, we now have the 261.8% Fibonacci retracement level.

This confluence of key lines provides us with a firm support base, which could hold for some hours. Other potential retrace factors to consider include - the Stochastics, as they are extremely 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 Oscillator has turned green.

I expect there to be some ranging here for the next few hours when visualising from the intra day timeframes such as the thirty minute and hourly charts.