Bitcoin Cryptocurrency Forecast
Bitcoin cryptocurrency upgraded to Hold/Accumulate.
(Updated on May 01, 2024)
The Bitcoin cryptocurrency price gained 0.365% on the last trading day (Wednesday, 1st May 2024), rising from $59,623.49 to $59,841.04. During the last trading day the cryptocurrency fluctuated 9.36% from a day low at $59,191.60 to a day high of $64,734.00. The price has risen in 6 of the last 10 days but is still down by -7.8% for this period. Volume fell on the last day by -33 billion shares and in total, 3 billion shares were bought and sold for approximately $172.94 trillion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Given the current short-term trend, the cryptocurrency is expected to rise 32.97% during the next 3 months and, with a 90% probability hold a price between $79,572.03 and $113,068.33 at the end of this 3-month period.
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BTCUSD Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The cryptocurrency should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $62,689.55 and $66,270.98. 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 -18.50%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Bitcoin cryptocurrency
On the downside, the cryptocurrency finds support just below today's level from accumulated volume at $51,934.29 and $51,858.59. There is a natural risk involved when a cryptocurrency is testing a support level, since if this is broken, the cryptocurrency then may fall to the next support level. In this case, Bitcoin finds support just below today's level at $51,934.29. If this is broken, then the next support from accumulated volume will be at $51,858.59 and $47,160.41.
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 $5,542.40 between high and low, or 9.36%. For the last week, the cryptocurrency has had daily average volatility of 4.99%.
Our recommended stop-loss: $56,394.20 (-5.76%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 49 days ago.)
Trading Expectations (BTCUSD) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Bitcoin / US Dollar to open at $61,255.55, and during the day (based on 14 day Average True Range), to move between $56,617.03 and $63,065.05, which gives a possible trading interval of +/-$3,224.01 (+/-5.39%) up or down from last closing price. If Bitcoin / US Dollar takes out the full calculated possible swing range there will be an estimated 10.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $60,349.00 (0.85%) than the support at $51,934.29 (13.21%), 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?
Bitcoin holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: -0.798 Hold/Accumulate Upgraded
Predicted Opening Price for Bitcoin / US Dollar of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $61,255.55 ( 2.36%) | $59,841.04 |
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 | 66,797.95 | 11.63 % | |
| R2 | 64,680.75 | 8.09 % | ||
| R1 | 63,372.74 | 5.90 % | ||
| Current price: | 59,841.04 | |||
| Support | S1 | 59,138.35 | -1.17 % | |
| S2 | 57,830.34 | -3.36 % | ||
| S3 | 55,713.15 | -6.90 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 68,572.98 | 14.59 % | |
| R2 | 62,904.90 | 5.12 % | ||
| R1 | 60,349.00 | 0.85 % | ||
| Current price | 59,841.04 | |||
| Support | S1 | 51,934.29 | -13.21% | |
| S2 | 51,858.59 | -13.34% | ||
| S3 | 47,160.41 | -21.19% |
FAQ
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