BTC/USD Technical Analysis – 4th April 2014

Friday, 04/04/2014 | 10:56 GMT by Ashton Fraser
BTC/USD Technical Analysis – 4th April 2014

After a fall from 500 to almost 400 this week, Bitcoin manages to regain some of its losses.

Indeed, 410 is a Fibonacci extension level at 161.8%, if we draw our Fibs during the rapid bull move in mid February, as can be seen below:

Then zooming into the latest BTC/USD hourly chart, I've performed the Fibonacci study from the high of this week at 500 to the low of the week at 410, see below:

Price rose from 410, marked in a blue ellipse, and at this point there were a number of technicals telling us a retrace could be on the way. Firstly, we had the Stochastics heading upwards, albeit in a tentative shallow manner, secondly we had the Accelerator Oscillator as green, and thirdly we had the Awesome Oscillator as green.

Price eventually retraced back to the 50% level at 453, testing it on two occasions, circled in white.

With the technicals still pointing to some more bulls, I'd expect further such tests within the next few candles.

After a fall from 500 to almost 400 this week, Bitcoin manages to regain some of its losses.

Indeed, 410 is a Fibonacci extension level at 161.8%, if we draw our Fibs during the rapid bull move in mid February, as can be seen below:

Then zooming into the latest BTC/USD hourly chart, I've performed the Fibonacci study from the high of this week at 500 to the low of the week at 410, see below:

Price rose from 410, marked in a blue ellipse, and at this point there were a number of technicals telling us a retrace could be on the way. Firstly, we had the Stochastics heading upwards, albeit in a tentative shallow manner, secondly we had the Accelerator Oscillator as green, and thirdly we had the Awesome Oscillator as green.

Price eventually retraced back to the 50% level at 453, testing it on two occasions, circled in white.

With the technicals still pointing to some more bulls, I'd expect further such tests within the next few candles.

About the Author: Ashton Fraser
Ashton Fraser
  • 290 Articles
About the Author: Ashton Fraser
  • 290 Articles

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