BTC/USD Technical Analysis – 4th April 2014

After a fall from 500 to almost 400 this week, 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 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 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 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.