Bitcoin Cryptocurrency Forecast
Evaluation of Bitcoin cryptocurrency downgraded after the last trading session.
(Updated on Mar 18, 2024)
The Bitcoin cryptocurrency price gained 0.0588% on the last trading day (Monday, 18th Mar 2024), rising from $68,559.66 to $68,599.99. During the last trading day the cryptocurrency fluctuated 6.45% from a day low at $64,533.00 to a day high of $68,693.75. The price has risen in 6 of the last 10 days and is up by 1.87% over the past 2 weeks. Volume fell on the last day by -48 billion shares and in total, 3 billion shares were bought and sold for approximately $206.50 trillion. 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 strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the cryptocurrency is expected to rise 60.50% during the next 3 months and, with a 90% probability hold a price between $89,641.36 and $120,367.18 at the end of this 3-month period.
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BTCUSD Signals & Forecast
The Bitcoin cryptocurrency holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the cryptocurrency giving a positive forecast for the stock. On further gains, the cryptocurrency will meet resistance from the short-term Moving Average at approximately $70,397.67. On a fall, the cryptocurrency will find some support from the long-term average at approximately $60,534.99. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Wednesday, March 13, 2024, and so far it has fallen -6.57%. 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 cryptocurrency
Bitcoin finds support from accumulated volume at $68,572.98 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 $4,160.75 between high and low, or 6.45%. For the last week, the cryptocurrency has had daily average volatility of 7.53%.
Our recommended stop-loss: $64,902.01 (-5.39%) (This cryptocurrency has high daily movements and this gives high risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (BTCUSD) For The Upcoming Trading Day Of Tuesday 19th
For the upcoming trading day on Tuesday, 19th we expect Bitcoin / US Dollar to open at $67,275.58, and during the day (based on 14 day Average True Range), to move between $64,454.80 and $72,745.18, which gives a possible trading interval of +/-$4,145.19 (+/-6.04%) up or down from last closing price. If Bitcoin / US Dollar takes out the full calculated possible swing range there will be an estimated 12.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $68,572.98 (0.04%) than the resistance at $72,105.54 (5.11%), 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 / US Dollar cryptocurrency A Buy?
Bitcoin 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.079 Hold/Accumulate Downgraded
Predicted Opening Price for Bitcoin / US Dollar of Tuesday, March 19, 2024
Fair opening price March 19, 2024 | Current price |
---|---|
$67,275.58 ( 1.93%) | $68,599.99 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BTCUSD
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 71,436.33 | 4.13 % | |
R2 | 69,846.92 | 1.82 % | ||
R1 | 68,864.99 | 0.386 % | ||
Current price: | 68,599.99 | |||
Support | S1 | 65,686.17 | -4.25 % | |
S2 | 64,704.24 | -5.68 % | ||
S3 | 63,114.83 | -8.00 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 73,423.02 | 7.03 % | |
R2 | 72,177.87 | 5.22 % | ||
R1 | 72,105.54 | 5.11 % | ||
Current price | 68,599.99 | |||
Support | S1 | 68,572.98 | -0.0394% | |
S2 | 62,904.90 | -8.30% | ||
S3 | 60,349.00 | -12.03% |
FAQ
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