Bitcoin Cryptocurrency Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Red day on Wednesday for Bitcoin cryptocurrency after losing 0.0600%
(Updated on Apr 17, 2024)
The Bitcoin cryptocurrency price fell by -0.0600% on the last day (Wednesday, 17th Apr 2024) from $62,977.82 to $62,940.05. It has now fallen 4 days in a row. During the last trading day the cryptocurrency fluctuated 3.73% from a day low at $61,600.00 to a day high of $63,899.69. The price has fallen in 7 of the last 10 days and is down by -7.74% 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 -40 billion shares and in total, 3 billion shares were bought and sold for approximately $194.07 trillion.
Given the current short-term trend, the cryptocurrency is expected to rise 66.46% during the next 3 months and, with a 90% probability hold a price between $104,771.60 and $144,687.34 at the end of this 3-month period.
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BTCUSD Signals & Forecast
There are few to no technical positive signals at the moment. The Bitcoin 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 $65,532.78 and $67,836.78. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 13, 2024, and so far it has fallen -14.28%. 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 $62,904.90 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 $2,299.69 between high and low, or 3.73%. For the last week, the cryptocurrency has had daily average volatility of 5.22%.
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 Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Bitcoin / US Dollar to open at $62,813.25, and during the day (based on 14 day Average True Range), to move between $59,159.92 and $66,720.18, which gives a possible trading interval of +/-$3,780.13 (+/-6.01%) up or down from last closing price. If Bitcoin / US Dollar takes out the full calculated possible swing range there will be an estimated 12.01% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $62,904.90 (0.06%) than the resistance at $64,023.94 (1.72%), 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?
The Bitcoin cryptocurrency holds several negative signals and despite the positive trend, we believe Bitcoin will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this cryptocurrency.
Current score: -1.817 Sell Candidate Unchanged
Predicted Opening Price for Bitcoin / US Dollar of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $62,813.25 ( 0.201%) | $62,940.05 |
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 | 65,112.94 | 3.45 % | |
| R2 | 64,234.46 | 2.06 % | ||
| R1 | 63,691.73 | 1.19 % | ||
| Current price: | 62,940.05 | |||
| Support | S1 | 61,934.77 | -1.60 % | |
| S2 | 61,392.04 | -2.46 % | ||
| S3 | 60,513.56 | -3.86 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 68,572.98 | 8.95 % | |
| R2 | 67,151.00 | 6.69 % | ||
| R1 | 64,023.94 | 1.72 % | ||
| Current price | 62,940.05 | |||
| Support | S1 | 62,904.90 | -0.0558% | |
| S2 | 62,845.00 | -0.151% | ||
| S3 | 60,349.00 | -4.12% |
FAQ
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