Bit Origin Limited Stock Forecast
High volatility in Bit Origin Limited stock price on Monday which ended trading at $4.50
(Updated on Jun 17, 2024)
The Bit Origin Limited stock price gained 10.29% on the last trading day (Monday, 17th Jun 2024), rising from $4.08 to $4.50. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 13.18% from a day low at $4.02 to a day high of $4.55. The price has risen in 5 of the last 10 days and is up by 22.28% over the past 2 weeks. Volume fell on the last day by -394 thousand shares and in total, 191 thousand shares were bought and sold for approximately $859.68 thousand. 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 stock 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 stock is expected to fall -11.04% during the next 3 months and, with a 90% probability hold a price between $1.73 and $4.69 at the end of this 3-month period.
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BTOG Signals & Forecast
The Bit Origin Limited stock 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 $3.92 and $3.87. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 90.68%. Further rise is indicated until a new top pivot has been found. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Bit Origin Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at $4.12 and $3.89. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Bit Origin Limited finds support just below today's level at $4.12. If this is broken, then the next support from accumulated volume will be at $3.89 and $3.52.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.530 between high and low, or 13.18%. For the last week the stock has had daily average volatility of 7.49%.
Our recommended stop-loss: $4.36 (-3.04%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 93 days ago.)
Trading Expectations (BTOG) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Bit Origin Limited to open at $4.36, and during the day (based on 14 day Average True Range), to move between $4.18 and $4.82, which gives a possible trading interval of +/-$0.318 (+/-7.06%) up or down from last closing price. If Bit Origin Limited takes out the full calculated possible swing range there will be an estimated 14.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $4.12 (8.44%) than the resistance at $5.39 (19.78%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Bit Origin Limited stock A Buy?
Bit Origin Limited holds several positive signals and despite the stock being in a falling trend, we considered it to be a good choice at these current levels. We expect Bit Origin Limited stock will perform very well in the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.389 Strong Buy Candidate Upgraded
Predicted Opening Price for Bit Origin Limited of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| $4.36 ( 3.19%) | $4.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BTOG
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 4.89 | 8.59% |
| R2 | 4.68 | 4.09% |
| R1 | 4.56 | 1.31% |
| Price | 4.50 | |
| S1 | 4.15 | -7.68% |
| S2 | 4.03 | -10.46% |
| S3 | 3.83 | -14.96% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5.59 | 24.22% |
| R2 | 5.54 | 23.11% |
| R1 | 5.39 | 19.78% |
| Price | 4.50 | |
| S1 | 4.12 | -8.44% |
| S2 | 3.89 | -13.56% |
| S3 | 3.52 | -21.78% |
FAQ
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