Bytecoin Cryptocurrency Forecast
High volatility in Bytecoin cryptocurrency price on Sunday which ended trading at $0.000034
(Updated on May 19, 2024)
The Bytecoin cryptocurrency price fell by -2.86% on the last day (Sunday, 19th May 2024) from $0.000035 to $0.000034. During the last trading day the cryptocurrency fluctuated 25.93% from a day low at $0.000027 to a day high of $0.000034. The price has risen in 5 of the last 10 days and is up by 6.25% over the past 2 weeks. Volume has increased on the last day by 3 thousand 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 thousand shares were bought and sold for approximately $0.97 .
The cryptocurrency lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.00003588 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the cryptocurrency is expected to fall -26.01% during the next 3 months and, with a 90% probability hold a price between $0.00001611 and $0.00002655 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 a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the cryptocurrency giving a positive forecast for the stock. On further gains, the cryptocurrency will meet resistance from the short-term Moving Average at approximately $0.00003443. On a fall, the cryptocurrency will find some support from the long-term average at approximately $0.00003334. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Saturday, April 27, 2024, and so far it has fallen -12.82%. 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). Bytecoin gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Bytecoin cryptocurrency
Bytecoin finds support from accumulated volume at $0.000033 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 $0.000007 between high and low, or 25.93%. For the last week, the cryptocurrency has had daily average volatility of 10.77%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BCNUSD) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Bytecoin to open at $0.00003167, and during the day (based on 14 day Average True Range), to move between $0.00003032 and $0.00003768, which gives a possible trading interval of +/-$0.00000368 (+/-10.83%) up or down from last closing price. If Bytecoin takes out the full calculated possible swing range there will be an estimated 21.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.000035 (2.94%) than the support at $0.000033 (2.94%), 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 Bytecoin cryptocurrency A Buy?
Bytecoin holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this cryptocurrency. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.558 Sell Candidate Downgraded
Predicted Opening Price for Bytecoin of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $0.00003167 ( 6.86%) | $0.000034 |
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 | 0.00003867 | 13.73 % | |
| R2 | 0.00003599 | 5.86 % | ||
| R1 | 0.00003434 | 1.00 % | ||
| Current price: | 0.000034 | |||
| Support | S1 | 0.00002899 | -14.73 % | |
| S2 | 0.00002734 | -19.59 % | ||
| S3 | 0.00002467 | -27.45 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.000037 | 8.82 % | |
| R2 | 0.000036 | 5.88 % | ||
| R1 | 0.000035 | 2.94 % | ||
| Current price | 0.000034 | |||
| Support | S1 | 0.000033 | -2.94% | |
| S2 | 0.000032 | -5.88% | ||
| S3 | 0.00003 | -11.76% |
FAQ
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