PROSHARES BITCOIN ETF-USD (BITO) Stock Technical Analysis
NYSEARCA:BITO - NYSE Arca - US74347G4405 - ETF - Currency: USD
We assign a technical rating of 8 out of 10 to BITO. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, BITO is only an average performer.
BITO has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 22.65. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 22.29, a Stop Loss order could be placed below this zone.
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19.15
When analyzing the support we can see 4 important areas.
- A support zone ranging from 21.53 to 22.29. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- A support zone ranging from 20.27 to 20.67. This zone is formed by a combination of multiple trend lines in multiple time frames.
- Support @19.89 from a horizontal line in the daily time frame.
- Support @19.34 from a trend line in the weekly time frame.
2 important resistance areas can be observed.
- A resistance zone ranging from 22.65 to 22.89. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- A resistance zone ranging from 23.43 to 23.43. This zone is formed by a combination of multiple trend lines in the daily 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 | UP | POSITIVE | The long term trend for BITO is up. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for BITO is up. |
| ChartMill Relative Strength | 63.04 | NEUTRAL | BITO is not amongst the best or worst performers on the market. |
| Simple Moving Average/SMA (20) | UP | POSITIVE | The current price of BITO is above the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of BITO is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | UP | POSITIVE | The current price of BITO is above the rising SMA(200). |
| Relative Strength Index/RSI (14) | 53.15 | NEUTRAL | The RSI value for BITO is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | -0.03 | NEGATIVE | The MACD value suggests BITO has a negative trend. |
| Stochastics (14,3) | 49.86 | NEUTRAL | The Stochastics value for BITO is a neutral value. |
| Average True Range in percent/ATR (20) | 2.57 | MEDIUM VOLATILITY | The ATR as a percentage value for BITO suggests some volalility. |
| Average Directional Index/ADX (14) | 13.47 | NEGATIVE | The low ADX value for BITO suggests a weak or negative trend. |
Important!: this is just an example which is fully automatically generated based on the analysis above and should in no way be interpreted as a suggestion. Always make your own analysis and determine your own entry and exit points.
| ENTRY | EXIT | DISTANCE | CAPITAL |
|---|---|---|---|
| 22.90 | 22.09 | 0.81 (3.54%) | 25.00% |
| An entry @22.90. This is a Buy Stop order right above the resistance zone. | An exit @22.09. This is a Stop Loss order right below the 10 day low. | The worst case loss on the trade is limited to 0.81 points, which is 3.54%. | For a 0.88% total portfolio risk, you can invest 25.00% of your capital in this trade. |
- The distance between exit and entry is rather small compared to the average daily movement of BITO. Please evaluate whether better entry and exit points can be found.
- The generated setup is based on the nearest support and resistance areas. If you are looking for a more long term trade, probably a wider stop is advisable.
- This trade setup was generated fully automatically and should not be interpreted as trading advice. Always check the related news for upcoming earnings or other events. Make your own analysis and trade at your own responsibility.
22.42
-0.13 (-0.58%)