NINEPOINT BITCOIN ETF (BITC.CA) Stock Technical Analysis
TSX:BITC - Toronto Stock Exchange - CA6544491070 - ETF - Currency: CAD
Overall BITC gets a technical rating of 2 out of 10. Although BITC is scoring some points because its good overall performance in the market in the past year, recent evolutions are not that positive. Both the medium and short term picture give negative signs.
In the last month BITC has a been trading in the 10.48 - 12.65 range, which is quite wide. It is currently trading near the lows of this range.
Warning: BITC has an average volume of 2570 traded shares per day. This is quite low and it might be dangerous to invest in illiquid stocks.
BITC is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so BITC is lagging the market slightly.
The long term trend is neutral, but the short term trend is negative. Better to stay away from this!
When comparing the yearly performance of all stocks, we notice that BITC is one of the better performing stocks in the market, outperforming 88% of all stocks. However, this overall performance is mostly based on the strong move around 7 months ago.
Considerably lower volume is observed in the last couple of days.
BITC has a poor technical rating and the quality of the setup is also not perfect at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first.
More info and screens
10.37
12.31
We found 1 important support area.
- A support zone ranging from 10.47 to 10.73. This zone is formed by a combination of multiple trend lines in multiple time frames.
We can see 4 important resistance areas.
- A resistance zone ranging from 10.89 to 10.96. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- A resistance zone ranging from 11.29 to 11.57. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- Resistance @11.82 from a trend line in the weekly time frame.
- Resistance @12.19 from a trend line in the weekly time frame.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | NEUTRAL | NEUTRAL | The long term trend for BITC.CA is neutral. |
| ChartMill Short Term Trend Indicator | DOWN | NEGATIVE | The short term trend for BITC.CA is down. |
| ChartMill Relative Strength | 88.39 | POSITIVE | BITC.CA has a high relative strength, it outperformed 88.39% off all stocks on the market. |
| Simple Moving Average/SMA (20) | DOWN | NEGATIVE | The current price of BITC.CA is below a declining SMA(20). |
| Simple Moving Average/SMA (50) | DOWN | NEGATIVE | The current price of BITC.CA is below a declining SMA(50). |
| Simple Moving Average/SMA (200) | UP | POSITIVE | The current price of BITC.CA is above the rising SMA(200). |
| Relative Strength Index/RSI (14) | 38.28 | NEUTRAL | The RSI value for BITC.CA is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | -0.13 | NEGATIVE | The MACD value suggests BITC.CA has a negative trend, although the MACD value is rising. |
| Stochastics (14,3) | 15.08 | OVERSOLD | The low Stochastics value suggests BITC.CA may be oversold. |
| Average True Range in percent/ATR (20) | 2.15 | MEDIUM VOLATILITY | The ATR as a percentage value for BITC.CA suggests some volalility. |
| Average Directional Index/ADX (14) | 33.57 | POSITIVE | The high ADX value value for BITC.CA suggests a strong trend. |
Daily CandleStick Patterns
Bullish Engulfing (D)
Bullish Hammer (D)
Bearish Inverted Hammer (D)
Hanging Man (D)
Bullish Harami (D)
Doji (D)
Gravestone Doji (D)
DragonFly Doji (D)
Bearish Engulfing (D)
Bearish Shooting Star (D)
Bearish Harami (D)
Inside Bar (D)
Red Dog Reversal Down (D)
Red Dog Reversal Up (D)
Dark Cloud Cover (D)
Weekly CandleStick Patterns
Bullish Engulfing (W)
Bullish Hammer (W)
Bearish Inverted Hammer (W)
Hanging Man (W)
Bullish Harami (W)
Doji (W)
Gravestone Doji (W)
DragonFly Doji (W)
Bearish Engulfing (W)
Bearish Shooting Star (W)
Bearish Harami (W)
Inside Bar (W)
Dark Cloud Cover (W)
Daily Chart Patterns
Bull Flag
Bear Flag
Ascending Triangle (D)
Descending Triangle (D)
Symmetrical Triangle (D)
Squeeze
Channel (D)
Channel Up (D)
Channel Down (D)
Rising Wedge (D)
Falling Wedge (D)
Double Bottom (D)
Multiple Bottom (D)
Double Top (D)
Multiple Top (D)
Weekly Chart Patterns
Weekly Bull Flag
Weekly Bear Flag
Squeeze Week
Channel (W)
Double Bottom (W)
Multiple Bottom (W)
Double Top (W)
Multiple Top (W)
TSX:BITC (8/23/2023, 7:00:00 PM)
10.88
+0.16 (+1.49%)
Chartmill TA Rating
Chartmill Setup Rating
Sector
GICS SectorN/A
GICS IndustryN/A
Performance
% Chg1.49%
1 Week-1.63%
2 Weeks-7.01%
1 Month-11.97%
3 Month0.18%
6 Month17.62%
12 Month36.34%
2 YearN/A
3 YearN/A
5 YearN/A
10 YearN/A
15 YearN/A
Volatility
ATR(14)0.27
ATR(20)%2.15%
ATR Inc-54.47%
Range Today0
ADR(20)N/A
ADR(20)%N/A
Trend & SMA
ST Trend
LT Trend
SMA(5)
SMA(10)
SMA(20)
SMA(50)
SMA(100)
SMA(200)
Relative Strength & Ranges
CRS88.39
Mansfield0.65
10 Day High11.3
10 Day Low10.48
20 Day High12.65
20 Day Low10.48
52 Week High12.89
52 Week Low6
CS1 End10.73
CR1 Start10.89
Volume & EV
DER(3)-35.82%
DER(5)-33.11%
Volume150
Volume Incr-56.5%
Vol(5)491.2
Vol(50)2.57K