Wrapped Bitcoin Cryptocurrency Forecast
Wrapped Bitcoin cryptocurrency downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on Jul 02, 2024)
The Wrapped Bitcoin cryptocurrency price fell by -2.10% on the last day (Tuesday, 2nd Jul 2024) from $63,154.92 to $61,829.49. During the last trading day the cryptocurrency fluctuated 3.13% from a day low at $61,669.16 to a day high of $63,598.70. The price has been going up and down for this period, and there has been a -3.8% loss for the last 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 -168 million shares and in total, 118 million shares were bought and sold for approximately $7.31 trillion.
The cryptocurrency is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Wrapped Bitcoin cryptocurrency with a 90% probability to be traded between $56,381.04 and $70,731.97 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and cryptocurrencies seldom manage to go directly from the bottom of a trend up to the top. Cryptocurrencies turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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WBTCUSD Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 3.55%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Wrapped Bitcoin cryptocurrency holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the cryptocurrency giving a more negative forecast for the stock. On further gains, the cryptocurrency will meet resistance from the long-term Moving Average at $65,815.45. On a fall, the cryptocurrency will find some support from the short-term average at $61,525.38. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Wrapped Bitcoin cryptocurrency
Wrapped Bitcoin finds support from accumulated volume at $61,218.10 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 $1,929.54 between high and low, or 3.13%. For the last week, the cryptocurrency has had daily average volatility of 3.43%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (WBTCUSD) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Wrapped Bitcoin to open at $62,365.78, and during the day (based on 14 day Average True Range), to move between $59,022.07 and $64,636.91, which gives a possible trading interval of +/-$2,807.42 (+/-4.54%) up or down from last closing price. If Wrapped Bitcoin takes out the full calculated possible swing range there will be an estimated 9.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $62,400.00 (0.92%) than the support at $61,218.10 (0.99%), 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 Wrapped Bitcoin cryptocurrency A Buy?
Wrapped Bitcoin holds several negative signals and we believe that 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: -1.588 Sell Candidate Downgraded
Predicted Opening Price for Wrapped Bitcoin of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $62,365.78 ( 0.87%) | $61,829.49 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WBTCUSD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 64,295.32 | 3.99% |
| R2 | 63,558.24 | 2.80% |
| R1 | 63,102.87 | 2.06% |
| Price | 61,829.49 | |
| S1 | 61,628.70 | -0.325% |
| S2 | 61,173.33 | -1.06% |
| S3 | 60,436.24 | -2.25% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 69,508.21 | 12.42% |
| R2 | 66,660.08 | 7.81% |
| R1 | 62,400.00 | 0.92% |
| Price | 61,829.49 | |
| S1 | 61,218.10 | -0.99% |
| S2 | 59,712.07 | -3.42% |
| S3 | 57,098.54 | -7.65% |
FAQ
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