Bitcoin Gold / US Dollar Cryptocurrency Forecast
Evaluation of Bitcoin Gold / US Dollar cryptocurrency downgraded after the last trading session.
(Updated on Jun 01, 2024)
The Bitcoin Gold / US Dollar cryptocurrency price gained 0.0614% on the last trading day (Saturday, 1st Jun 2024), rising from $33.34 to $33.36. During the last trading day the cryptocurrency fluctuated 1.20% from a day low at $33.22 to a day high of $33.62. The price has fallen in 6 of the last 10 days and is down by -9.57% for this period. Volume fell on the last day by -3 million shares and in total, 3 million shares were bought and sold for approximately $112.76 million. 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.
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 -30.77% during the next 3 months and, with a 90% probability hold a price between $10.71 and $28.50 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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BTGUSD Signals & Forecast
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 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 $34.59 and $34.72. 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 -42.76%. 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).
Support, Risk & Stop-loss for Bitcoin Gold / US Dollar cryptocurrency
Bitcoin Gold / US Dollar finds support from accumulated volume at $32.70 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 $0.399 between high and low, or 1.20%. For the last week, the cryptocurrency has had daily average volatility of 2.97%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BTGUSD) For The Upcoming Trading Day Of Sunday 2nd
For the upcoming trading day on Sunday, 2nd we expect Bitcoin Gold / US Dollar to open at $33.40, and during the day (based on 14 day Average True Range), to move between $31.68 and $35.03, which gives a possible trading interval of +/-$1.67 (+/-5.02%) 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 10.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $33.77 (1.25%) than the support at $32.70 (1.97%), 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 Gold / US Dollar cryptocurrency A Buy?
Bitcoin Gold / US Dollar 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 Sell to a Strong Sell candidate.
Current score: -5.047 Strong Sell Candidate Downgraded
Predicted Opening Price for Bitcoin Gold / US Dollar of Sunday, June 2, 2024
| Fair opening price June 2, 2024 | Current price |
|---|---|
| $33.40 ( 0.124%) | $33.36 |
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 | 33.80 | 1.32 % | |
| R2 | 33.64 | 0.86 % | ||
| R1 | 33.55 | 0.580 % | ||
| Current price: | 33.36 | |||
| Support | S1 | 33.25 | -0.333 % | |
| S2 | 33.15 | -0.615 % | ||
| S3 | 33.00 | -1.07 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 40.68 | 21.96 % | |
| R2 | 38.47 | 15.34 % | ||
| R1 | 33.77 | 1.25 % | ||
| Current price | 33.36 | |||
| Support | S1 | 32.70 | -1.97% | |
| S2 | 30.89 | -7.40% | ||
| S3 | 28.74 | -13.83% |
FAQ
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