NMC/USD Technical Analysis – 20th March 2014

Analysis provided by Ashton Fraser, learn more about his trading strategies with the forex reversal indicator.

Namecoin continues to fall, , and technicals indicate there's still some southern movement on the way.

Take a look at the NMC/USD chart below:

I’ve performed the Fibonacci study from the year’s low on the 25th of February at just above 2.6, to the month’s high on the 4th of March, at 4.15.

I mentioned on the 18th that, "With the 61.8% level firmly broken, and technicals still indicating further bears, I expect Namecoin to drop further until at least 3.000 within the next 24 hours, and then later in the week we can expect a test of 78.6% Fib."

As we can see, this is exactly what happened. However, I doubt even the 78.6% support can hold for much longer, since 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 is still red, as is the Awesome Oscillator, plus the Stochastics are heading down, without yet being fully oversold.

There may be a slight retrace later today however, since price is below the lower Bollinger band, and if a candle closes as a bull candle below the band, often price can jump up, yet any minor jump shall probably be short lived, as the bears are still very strong. Price could hit 2.8 later today or tomorrow.

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