Bitcoin Cryptocurrency Forecast
Bitcoin cryptocurrency price ended at $63,787.55 on Wednesday, after losing 4.37%.
(Updated on Apr 24, 2024)
The Bitcoin cryptocurrency price fell by -4.37% on the last day (Wednesday, 24th Apr 2024) from $66,700.01 to $63,787.55. During the last trading day the cryptocurrency fluctuated 5.41% from a day low at $63,705.04 to a day high of $67,153.00. The price has fallen in 7 of the last 10 days and is down by -0.64% for this period. Volume has increased on the last day by 27 billion shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 28 billion shares were bought and sold for approximately $1.81 quadrillion.
Given the current short-term trend, the cryptocurrency is expected to rise 50.65% during the next 3 months and, with a 90% probability hold a price between $96,094.45 and $131,193.39 at the end of this 3-month period.
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BTCUSD Signals & Forecast
There are few to no technical positive signals at the moment. The Bitcoin cryptocurrency holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $64,854.22 and $67,223.90. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 13, 2024, and so far it has fallen -13.12%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the cryptocurrency should be followed more closely.
Support, Risk & Stop-loss for Bitcoin cryptocurrency
Bitcoin finds support from accumulated volume at $62,977.82 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the cryptocurrency moved $3,447.96 between high and low, or 5.41%. For the last week, the cryptocurrency has had daily average volatility of 4.02%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BTCUSD) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Bitcoin / US Dollar to open at $64,881.86, and during the day (based on 14 day Average True Range), to move between $60,414.90 and $67,160.20, which gives a possible trading interval of +/-$3,372.65 (+/-5.29%) up or down from last closing price. If Bitcoin / US Dollar takes out the full calculated possible swing range there will be an estimated 10.57% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $64,023.94 (0.37%) than the support at $62,977.82 (1.27%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Bitcoin / US Dollar cryptocurrency A Buy?
The Bitcoin cryptocurrency holds several negative signals and despite the positive trend, we believe Bitcoin will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this cryptocurrency.
Current score: -4.571 Sell Candidate Unchanged
Predicted Opening Price for Bitcoin / US Dollar of Thursday, April 25, 2024
Fair opening price April 25, 2024 | Current price |
---|---|
$64,881.86 ( 1.72%) | $63,787.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BTCUSD
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 68,329.82 | 7.12 % | |
R2 | 67,012.70 | 5.06 % | ||
R1 | 66,198.98 | 3.78 % | ||
Current price: | 63,787.55 | |||
Support | S1 | 63,564.74 | -0.349 % | |
S2 | 62,751.02 | -1.62 % | ||
S3 | 61,433.90 | -3.69 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 68,572.98 | 7.50 % | |
R2 | 67,151.00 | 5.27 % | ||
R1 | 64,023.94 | 0.371 % | ||
Current price | 63,787.55 | |||
Support | S1 | 62,977.82 | -1.27% | |
S2 | 62,904.90 | -1.38% | ||
S3 | 60,349.00 | -5.39% |
FAQ
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