Bitcoin Gold / US Dollar Cryptocurrency Forecast
Bitcoin Gold / US Dollar cryptocurrency price ended at $34.72 on Wednesday, after losing 4.37%.
(Updated on May 08, 2024)
The Bitcoin Gold / US Dollar cryptocurrency price fell by -4.37% on the last day (Wednesday, 8th May 2024) from $36.31 to $34.72. It has now fallen 3 days in a row. During the last trading day the cryptocurrency fluctuated 4.93% from a day low at $33.73 to a day high of $35.39. The price has fallen in 6 of the last 10 days but is still up by 0.79% over the past 2 weeks. Volume fell on the last day along with the cryptocurrency, which is actually a good sign as volume should follow the cryptocurrency. On the last day, the trading volume fell by -13 million shares and in total, 12 million shares were bought and sold for approximately $410.25 million.
The cryptocurrency lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $29.44 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the cryptocurrency is expected to rise 15.94% during the next 3 months and, with a 90% probability hold a price between $34.13 and $74.59 at the end of this 3-month period.
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BTGUSD Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Bitcoin Gold / US Dollar 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 $35.13 and $38.24. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 08, 2024, and so far it has fallen -40.41%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Bitcoin Gold / US Dollar cryptocurrency
Bitcoin Gold / US Dollar finds support from accumulated volume at $33.77 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 $1.66 between high and low, or 4.93%. For the last week, the cryptocurrency has had daily average volatility of 7.30%.
Our recommended stop-loss: $32.63 (-6.04%) (This cryptocurrency has high daily movements and this gives high risk. There is a sell signal from a pivot top found 61 days ago.)
Trading Expectations (BTGUSD) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Bitcoin Gold / US Dollar to open at $34.61, and during the day (based on 14 day Average True Range), to move between $31.79 and $37.66, which gives a possible trading interval of +/-$2.93 (+/-8.44%) up or down from last closing price. If Bitcoin Gold / US Dollar takes out the full calculated possible swing range there will be an estimated 16.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $33.77 (2.73%) than the resistance at $37.95 (9.30%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Bitcoin Gold / US Dollar cryptocurrency A Buy?
Bitcoin Gold / US Dollar 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.
Current score: -0.620 Hold/Accumulate Unchanged
Predicted Opening Price for Bitcoin Gold / US Dollar of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $34.61 ( 0.317%) | $34.72 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BTGUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 36.28 | 4.47 % | |
| R2 | 35.64 | 2.64 % | ||
| R1 | 35.25 | 1.51 % | ||
| Current price: | 34.72 | |||
| Support | S1 | 33.98 | -2.15 % | |
| S2 | 33.59 | -3.28 % | ||
| S3 | 32.95 | -5.11 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 40.68 | 17.16 % | |
| R2 | 38.47 | 10.80 % | ||
| R1 | 37.95 | 9.30 % | ||
| Current price | 34.72 | |||
| Support | S1 | 33.77 | -2.73% | |
| S2 | 28.87 | -16.87% | ||
| S3 | 27.95 | -19.50% |
FAQ
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