Bitcoin / Dollar Forecast and Stock Analysis
Technical BTCUSD stock analysis for Tuesday May 21, 2019.
Bitcoin / Dollar gained 1.11% in the last trading day ( Tuesday, 21st May 2019 ), rising from $7 997.24 to $8 085.88 , and 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 day the stock fluctuated 3.59% from a day low at $7 807.77 to a day high of $8 088.44. The price has risen in 7 of the last 10 days and is up by 36.07% over the past 2 weeks. Volume fell in the last day by -235.40 million shares, and in total, 303.30 million shares bought and sold for approximately $2 452 440.00 million. You should take into consideration that a falling volume on higher prices causes divergence and may be an early warning about possible changes for the next couple of days.
- 30 day high of the BTCUSD stock price was $8 352.25 and low was $5 104.18.
- 90 day high was $8 352.25 and low was $3 699.53.
- 52 week high for the Bitcoin / Dollar - $8 481.11 and low - $3 180.97.
Bitcoin / Dollar lies in the upper part of a very wide and strong rising trend in the short term, and this will normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $8 392.73 will firstly indicate a stronger raising rate. Given the current short-term trend, the is expected to rise 82.67% during the next 3 months and, with 90% probability hold a price between $11 912.83 and $15 330.99 at the end of this period.
Only positive signals in the chart today. Bitcoin / Dollar holds buy signals from both short- and long-term moving averages. In addition, 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 $7 816.95 and $5 891.88. A break down below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday May 17, 2019, which indicates further gains until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and may be an early warning. The stock should be watched closely.
Relative Strength Index (RSI)
The stock holds a RSI14 at 78 and is currently being overbought on RSI. This does not have to be a sales signal as many may go both long and hard while being overbought on the RSI. It is therefore important to evaluate the history of the share as it may tell you something about the RSI-sensitiveness.
Support & Resistance
Bitcoin / Dollar finds support from accumulated volume at $7 842.48.
This may move much during a day (volatility) and with a large prediction interval from the Bollinger Band this is considered to be "high risk". During the last day, the stock moved $280.67 between high and low, or 3.59%. For the last week, the stock has had a daily average volatility of 8.77%.
The is overbought on RSI14 and lies in the upper part of the trend. Normally this will pose a good selling opportunity for the short-term trader, but some may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stoploss: $7 688.05 (-4.92%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 78 and this increases the risk substantially. There is a buy signal from pivot bottom found 2 days ago.)
8.77 %Average volatility
Very Low Low Medium High Very High
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for this to perform well in the short-term.
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