Bitcoin Cryptocurrency Forecast
Red day on Wednesday for Bitcoin
(Updated on Mar 27, 2024)
The Bitcoin cryptocurrency price fell by -2.57% on the last day (Wednesday, 27th Mar 2024) from $70,853.83 to $69,031.27. During the last trading day the cryptocurrency fluctuated 5.19% from a day low at $68,251.00 to a day high of $71,789.85. The price has risen in 6 of the last 10 days and is up by 0.69% over the past 2 weeks. Volume has increased on the last day by 37 billion shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 40 billion shares were bought and sold for approximately $2.75 quadrillion.
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 72.09% during the next 3 months and, with a 90% probability hold a price between $105,498.26 and $135,165.02 at the end of this 3-month period.
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BTCUSD Signals & Forecast
There are mixed signals in the cryptocurrency today. A sell signal was issued from a pivot top point on Wednesday, March 13, 2024, and so far it has fallen -5.98%. 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 rose on falling prices yesterday. This may be an early warning and the cryptocurrency should be followed more closely. The Bitcoin cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, 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 $67,454.12 and $64,392.52. A breakdown below any of these levels will issue sell signals.
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 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 $3,538.85 between high and low, or 5.19%. For the last week, the cryptocurrency has had daily average volatility of 5.86%.
Our recommended stop-loss: $66,312.98 (-3.94%) (This cryptocurrency has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 14 days ago.)
Trading Expectations (BTCUSD) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Bitcoin / US Dollar to open at $69,690.71, and during the day (based on 14 day Average True Range), to move between $64,745.52 and $73,317.02, which gives a possible trading interval of +/-$4,285.75 (+/-6.21%) up or down from last closing price. If Bitcoin / US Dollar takes out the full calculated possible swing range there will be an estimated 12.42% 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 (0.66%) than the resistance at $71,027.54 (2.89%), 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?
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 Bitcoin cryptocurrency to perform well in the short-term.
Current score: 1.308 Buy Candidate Unchanged
Predicted Opening Price for Bitcoin / US Dollar of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$69,690.71 ( 0.96%) | $69,031.27 |
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 | 73,229.56 | 6.08 % | |
R2 | 71,877.72 | 4.12 % | ||
R1 | 71,042.55 | 2.91 % | ||
Current price: | 69,031.27 | |||
Support | S1 | 68,338.87 | -1.00 % | |
S2 | 67,503.70 | -2.21 % | ||
S3 | 66,151.86 | -4.17 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 73,423.02 | 6.36 % | |
R2 | 72,177.87 | 4.56 % | ||
R1 | 71,027.54 | 2.89 % | ||
Current price | 69,031.27 | |||
Support | S1 | 68,572.98 | -0.664% | |
S2 | 62,904.90 | -8.87% | ||
S3 | 60,349.00 | -12.58% |
FAQ
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