BTC/USD Technical Analysis – 5th March 2014

Analysis provided by Ashton Fraser, learn more about his Forex Reversals trading strategies.

After reaching almost 700 yesterday, 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 has been slowly moving sidewards.

Lets take a closer look at the intra-day M15 chart on BTC/USD (click to expand:

I've done the Fib study from last week's low at 430 to yesterday's high at 697. Since then, price movement hasn't really done much, except for meandering slightly downhill for the past few hours. 700 is a psychological round number, so it's of no surprise price hasn't broken this area yet.

What we do know is that price adhered to Fibonacci again, coming down to the 23.6% Fib retracement level at 634, before a tiny bounce.

However, this 23.6% level is going to be an important level very soon. If we zoom into M15 further, we'll see how the Stochastics are undersold, yet having crossed downwards, plus 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 have both turned red:

These technicals tell me price is going to re-test that level again, but it remains to be seen if 23.6% will be broken, since there isn't much momentum right now. I expect price to remain between yesterday's high and 23.6% for a while yet.