Bytecoin Cryptocurrency Forecast
Volatile ride for Bytecoin cryptocurrency price on Wednesday moving between $0.000032 and $0.000037
(Updated on May 08, 2024)
The Bytecoin cryptocurrency price gained 6.06% on the last trading day (Wednesday, 8th May 2024), rising from $0.000033 to $0.000035. During the last trading day the cryptocurrency fluctuated 15.63% from a day low at $0.000032 to a day high of $0.000037. The price has fallen in 6 of the last 10 days and is down by -2.78% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 thousand more shares were traded than the day before. In total, 24 thousand shares were bought and sold for approximately $0.83 .
The cryptocurrency lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the cryptocurrency is expected to fall -26.50% during the next 3 months and, with a 90% probability hold a price between $0.00001678 and $0.00002797 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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BCNUSD Signals & Forecast
The Bytecoin cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.00003371 and $0.00003317. A breakdown below any of these levels will issue sell signals. Bytecoin has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Sunday, May 05, 2024, and so far it has fallen -2.78%. 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).
A buy signal from a double bottom formation was found on Friday, April 19, 2024 with a target of $0.00003167. Despite whether the objective of the signal formation has been reached the cryptocurrency may continue to perform well.
Support, Risk & Stop-loss for Bytecoin cryptocurrency
Bytecoin finds support from accumulated volume at $0.000034 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this cryptocurrency is considered to be "high risk". During the last day, the cryptocurrency moved $0.000005 between high and low, or 15.63%. For the last week, the cryptocurrency has had daily average volatility of 16.11%.
Our recommended stop-loss: $0.00003330 (-4.84%) (This cryptocurrency has high daily movements and this gives high risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (BCNUSD) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Bytecoin to open at $0.00003467, and during the day (based on 14 day Average True Range), to move between $0.00003081 and $0.00003919, which gives a possible trading interval of +/-$0.00000419 (+/-11.96%) up or down from last closing price. If Bytecoin takes out the full calculated possible swing range there will be an estimated 23.92% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.000034 (2.86%) than the resistance at $0.000036 (2.86%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Bytecoin cryptocurrency A Buy?
Bytecoin holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.543 Hold/Accumulate Upgraded
Predicted Opening Price for Bytecoin of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $0.00003467 ( 0.95%) | $0.000035 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BCNUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.00003967 | 13.33 % | |
| R2 | 0.00003776 | 7.88 % | ||
| R1 | 0.00003658 | 4.50 % | ||
| Current price: | 0.000035 | |||
| Support | S1 | 0.00003276 | -6.41 % | |
| S2 | 0.00003158 | -9.78 % | ||
| S3 | 0.00002967 | -15.24 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.000043 | 22.86 % | |
| R2 | 0.000038 | 8.57 % | ||
| R1 | 0.000036 | 2.86 % | ||
| Current price | 0.000035 | |||
| Support | S1 | 0.000034 | -2.86% | |
| S2 | 0.000033 | -5.71% | ||
| S3 | 0.000032 | -8.57% |
FAQ
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