Sign In
The Ishares Bitcoin Trust ETF price gained 2.99% on the last trading day (Tuesday, 12th Nov 2024), rising from $49.57 to $51.05. It has now gained 6 days in a row. It is not often that ETF manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the ETF fluctuated 5.66% from a day low at $48.52 to a day high of $51.26. The price has risen in 6 of the last 10 days and is up by 23.52% over the past 2 weeks. Volume fell on the last day by -17 million shares and in total, 76 million shares were bought and sold for approximately $3.86 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $42.44, a level that may pose a second chance to hit a runner.
The Ishares Bitcoin Trust ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the ETF. 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 $44.15 and $38.72. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, October 10, 2024, and so far it has risen 50.37%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely.
Ishares Bitcoin Trust finds support from accumulated volume at $49.57 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $2.75 between high and low, or 5.66%. For the last week, the ETF has had daily average volatility of 4.53%.
The Ishares Bitcoin Trust ETF is extremely overbought on RSI14 (81). Normally this may pose a good selling opportunity but since the ETF has broken the trend up, the chance for a major correction due to high RSI is very small as the ETF will find support at the trend broken.Since the Ishares Bitcoin Trust has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Ishares Bitcoin Trust holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Check full Ishares Bitcoin Trust forecast and analysis here.