Bitcoin Cryptocurrency Forecast
Bitcoin cryptocurrency price down 0.0470% on Tuesday
(Updated on Apr 23, 2024)
The Bitcoin cryptocurrency price fell by -0.0470% on the last day (Tuesday, 23rd Apr 2024) from $66,731.39 to $66,700.01. During the last trading day the cryptocurrency fluctuated 3.60% from a day low at $64,500.00 to a day high of $66,824.28. The price has fallen in 7 of the last 10 days and is down by -0.99% for this period. 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 -26 billion shares and in total, 2 billion shares were bought and sold for approximately $123.69 trillion.
The cryptocurrency lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $64,792.29 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the cryptocurrency is expected to rise 53.18% during the next 3 months and, with a 90% probability hold a price between $99,246.92 and $133,595.46 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
BTCUSD Signals & Forecast
There are mixed signals in the cryptocurrency today. The 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 $67,234.29. On a fall, the cryptocurrency will find some support from the short-term average at $64,733.15. 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. A sell signal was issued from a pivot top point on Wednesday, March 13, 2024, and so far it has fallen -9.16%. 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). 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 Bitcoin cryptocurrency
Bitcoin finds support from accumulated volume at $64,023.94 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 $2,324.28 between high and low, or 3.60%. For the last week, the cryptocurrency has had daily average volatility of 4.03%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BTCUSD) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Bitcoin / US Dollar to open at $66,008.10, and during the day (based on 14 day Average True Range), to move between $63,333.27 and $70,066.75, which gives a possible trading interval of +/-$3,366.74 (+/-5.05%) up or down from last closing price. If Bitcoin / US Dollar takes out the full calculated possible swing range there will be an estimated 10.10% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $67,151.00 (0.68%) than the support at $64,023.94 (4.01%), 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 / US Dollar cryptocurrency A Buy?
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.
Current score: -2.406 Sell Candidate Unchanged
Predicted Opening Price for Bitcoin / US Dollar of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $66,008.10 ( 1.04%) | $66,700.01 |
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 | 68,332.38 | 2.45 % | |
| R2 | 67,444.50 | 1.12 % | ||
| R1 | 66,895.97 | 0.294 % | ||
| Current price: | 66,700.01 | |||
| Support | S1 | 65,120.22 | -2.37 % | |
| S2 | 64,571.69 | -3.19 % | ||
| S3 | 63,683.82 | -4.52 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 72,177.87 | 8.21 % | |
| R2 | 68,572.98 | 2.81 % | ||
| R1 | 67,151.00 | 0.676 % | ||
| Current price | 66,700.01 | |||
| Support | S1 | 64,023.94 | -4.01% | |
| S2 | 62,904.90 | -5.69% | ||
| S3 | 60,349.00 | -9.52% |
FAQ
Click here for our free guide on how to buy Bitcoin Cryptocurrency.
