NMC/BTC Technical Analysis – 12th May 2014 – Digital Currency …

ByAshton Fraser accelerator, analysis, ashton, bitcoin, bollinger, daily, king, namecoin, nmc, technical, usd Comments Off

NMC/BTC Technical Analysis – 12th May 2014

By Ashton Fraser on May 12, 2014 in Trading

Namecoin vs Bitcoin has been continuing on the meandering path which it’s been negotiating over the past fortnight, between two Fibonacci levels.

During my last technical analysis on NMC/BTC, I posted the following Daily chart:

For which I performed the Fibonacci study from the low on the 13th of April at 0.00390, until the latest high on the 16th of April, at 0.00655, where I mentioned, “this current traversing of price between the 78.6% and 61.8% Fibonacci retracement levels is likely to continue, as long as we see the Accelerator Oscillator change green by the weekend, which I am optimistically anticipating.”

The condition I specified with regards to the Accelerator Oscillator turning green was fulfilled by the weekend, and as expected we had the bounce off the 78.6% Fib level, as can be seen via the latest NMC/BTC Daily chart below (click to expand):

Note how the last three candles have been dojis, price has barely moved, and with conflicting technicals such as the Accelerator as green but the Stochastics crossing down, it seems we’re entering into a Bollinger Squeeze, as the upper and lower bands converge together – I wouldn’t be surprised if the middle Bollinger line soon becomes horizontal.

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