Bitcoin Plus Cryptocurrency Forecast
Big movements in Bitcoin Plus cryptocurrency price on Wednesday moving 22.35% between high and low
(Updated on May 08, 2024)
The Bitcoin Plus cryptocurrency price gained 9.60% on the last trading day (Wednesday, 8th May 2024), rising from $2.24 to $2.45. During the last trading day the cryptocurrency fluctuated 22.35% from a day low at $2.20 to a day high of $2.69. The price has fallen in 6 of the last 10 days and is down by -13.02% for this period. Volume fell on the last day by -123 shares and in total, 890 shares were bought and sold for approximately $2.18 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 cryptocurrency lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $2.04 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the cryptocurrency is expected to fall -15.02% during the next 3 months and, with a 90% probability hold a price between $1.74 and $3.57 at the end of this 3-month period.
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XBCUSD 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 Plus 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 $2.55 and $2.75. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -23.77%. Further fall is indicated until a new bottom pivot has been found. 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 not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Bitcoin Plus cryptocurrency
Bitcoin Plus finds support from accumulated volume at $2.41 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 periodic low trading volume this cryptocurrency is considered to be "high risk". During the last day, the cryptocurrency moved $0.492 between high and low, or 22.35%. For the last week the cryptocurrency has had daily average volatility of 26.25%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (XBCUSD) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Bitcoin Plus to open at $2.45, and during the day (based on 14 day Average True Range), to move between $1.56 and $3.34, which gives a possible trading interval of +/-$0.89 (+/-36.50%) up or down from last closing price. If Bitcoin Plus takes out the full calculated possible swing range there will be an estimated 73.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.46 (0.53%) than the support at $2.41 (1.82%), 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 Plus cryptocurrency A Buy?
Bitcoin Plus 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.
Current score: -5.486 Strong Sell Candidate Unchanged
Predicted Opening Price for Bitcoin Plus of Thursday, May 9, 2024
Fair opening price May 9, 2024 | Current price |
---|---|
$2.45 ( 0.113%) | $2.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for XBCUSD
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2.94 | 19.96 % | |
R2 | 2.75 | 12.29 % | ||
R1 | 2.63 | 7.55 % | ||
Current price: | 2.45 | |||
Support | S1 | 2.26 | -7.78 % | |
S2 | 2.14 | -12.52 % | ||
S3 | 1.96 | -20.18 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 2.89 | 18.06 % | |
R2 | 2.89 | 17.86 % | ||
R1 | 2.46 | 0.534 % | ||
Current price | 2.45 | |||
Support | S1 | 2.41 | -1.82% | |
S2 | 2.32 | -5.48% | ||
S3 | 2.23 | -9.05% |
FAQ
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