Ishares Bitcoin Trust ETF price up 4.06% on Thursday

StockInvest.us, 2 weeks ago

StockInvest.us

The Ishares Bitcoin Trust ETF price gained 4.06% on the last trading day (Thursday, 21st Nov 2024), rising from $53.72 to $55.90. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 3.85% from a day low at $54.41 to a day high of $56.51. The price has risen in 7 of the last 10 days and is up by 28.21% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 25 million more shares were traded than the day before. In total, 91 million shares were bought and sold for approximately $5.11 billion.

Given the current short-term trend, the ETF is expected to rise 45.08% during the next 3 months and, with a 90% probability hold a price between $65.38 and $81.10 at the end of this 3-month period.

Ishares Bitcoin Trust

Mostly positive signals in the chart today. 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 $52.48 and $42.06. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, September 06, 2024, and so far it has risen 83.82%. 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 is rising along with the price. This is considered to be a good technical signal.

On the downside, the ETF finds support just below today's level from accumulated volume at $52.13 and $51.04.There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, Ishares Bitcoin Trust finds support just below today's level at $52.13. If this is broken, then the next support from accumulated volume will be at $51.04 and $43.40.

This ETF may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $2.10 between high and low, or 3.85%. For the last week, the ETF has had daily average volatility of 3.45%.

The Ishares Bitcoin Trust ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETF may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.

Ishares Bitcoin Trust holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.

Check full Ishares Bitcoin Trust forecast and analysis here.