NMC/USD Technical Analysis – 29th April 2014

Namecoin fell to a two week low of 1.84 yesterday, only to recover a little over the past 36 hours, residing at around 2.1 right now, which as we shall see below, is an existing support/resistance line.

I want to rewind a few days to remind ourselves of what the market was doing over the weekend. This was the chart I posted:

I explained that,

"It seems the bears have regained control for the time being, and I fully expect, for there to be another test of the 61.8% Fib – later this afternoon in all likelihood, since we have a number of corroborating technicals."

This alignment of bearish technicals was actually enough for price to push even below 61.8% at 2.1, almost testing 78.6% at just above 1.8, as we can see by way of the latest NMC/USD D1 chart below (click to expand):

You'll notice I've performed two separate Fibonacci studies here on the same chart, a bullish study (in yellow) and a bearish study (in blue). The yellow Fibs are there from the original chart, but the new blue Fibs represent where price may now retrace to. I feel, given that 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 just turned green, whilst the Stochastics approach oversold levels, we may well see a testing of the blue 23.6% Fib retracement level this week.