ProShares Trust - ProShares Bitcoin ETF Forecast

Red day on Wednesday for ProShares Trust - ProShares Bitcoin
(Updated on May 08, 2024)

BITO Signals & Forecast

There are mixed signals in the ETF today. The ProShares Trust - ProShares Bitcoin ETF holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $28.54. On a fall, the ETF will find some support from the short-term average at $24.93. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 ETF should be followed more closely. A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 9.27%. Further rise is indicated until a new top pivot has been found.

Support, Risk & Stop-loss for ProShares Trust - ProShares Bitcoin ETF

ProShares Trust - ProShares Bitcoin finds support from accumulated volume at $24.56 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 $0.455 between high and low, or 1.82%. For the last week, the ETF has had daily average volatility of 2.22%.

Our recommended stop-loss: $24.40 (-3.24%) (This ETF has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 5 days ago.)

Trading Expectations (BITO) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect ProShares Trust - ProShares Bitcoin Strategy ETF to open at $25.27, and during the day (based on 14 day Average True Range), to move between $23.98 and $26.46, which gives a possible trading interval of +/-$1.24 (+/-4.90%) up or down from last closing price. If ProShares Trust - ProShares Bitcoin Strategy ETF takes out the full calculated possible swing range there will be an estimated 9.81% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $24.56 (2.62%) than the resistance at $28.45 (12.81%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is ProShares Trust - ProShares Bitcoin Strategy ETF ETF A Buy?

ProShares Trust - ProShares Bitcoin 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.

Current score: -0.846 Hold/Accumulate Unchanged

Predicted Opening Price for ProShares Trust - ProShares Bitcoin Strategy ETF of Thursday, May 9, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.