ProShares Trust - ProShares Bitcoin ETF Forecast
ProShares Trust - ProShares Bitcoin ETF price ended at $21.69 on Tuesday, after losing 2.08%.
(Updated on Jul 02, 2024)
The ProShares Trust - ProShares Bitcoin ETF price fell by -2.08% on the last day (Tuesday, 2nd Jul 2024) from $22.15 to $21.69. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 2.36% from a day low at $21.62 to a day high of $22.13. The price has fallen in 7 of the last 10 days and is down by -13.79% for this period. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -7 million shares and in total, 6 million shares were bought and sold for approximately $128.58 million.
The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the ETF is expected to fall -18.26% during the next 3 months and, with a 90% probability hold a price between $15.68 and $21.07 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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BITO Signals & Forecast
There are few to no technical positive signals at the moment. The ProShares Trust - ProShares Bitcoin ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $22.57 and $25.63. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -23.81%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for ProShares Trust - ProShares Bitcoin ETF
There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.510 between high and low, or 2.36%. For the last week, the ETF has had daily average volatility of 2.42%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BITO) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect ProShares Trust - ProShares Bitcoin Strategy ETF to open at $21.81, and during the day (based on 14 day Average True Range), to move between $20.80 and $22.58, which gives a possible trading interval of +/-$0.89 (+/-4.08%) 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 8.17% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $23.08, some $1.39 (6.41%) from the current price of $21.69, our system finds the risk reward not very attractive.
Is ProShares Trust - ProShares Bitcoin Strategy ETF ETF A Buy?
ProShares Trust - ProShares Bitcoin holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.
Current score: -6.229 Strong Sell Candidate Unchanged
Predicted Opening Price for ProShares Trust - ProShares Bitcoin Strategy ETF of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $21.81 ( 0.569%) | $21.69 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BITO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 22.32 | 2.92% |
| R2 | 22.13 | 2.02% |
| R1 | 22.01 | 1.47% |
| Price | 21.69 | |
| S1 | 21.62 | -0.329% |
| S2 | 21.50 | -0.88% |
| S3 | 21.30 | -1.78% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 26.64 | 22.82% |
| R2 | 26.16 | 20.61% |
| R1 | 23.08 | 6.41% |
| Price | 21.69 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
BITO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 01, 2024 | May 01, 2024 | May 08, 2024 | $1.68 | 6.67% |
| 2 | Dec 21, 2023 | Apr 01, 2024 | Apr 08, 2024 | $1.14 | 3.64% |
| 3 | Dec 21, 2023 | Mar 01, 2024 | Mar 08, 2024 | $0.726 | 2.28% |
| 4 | Dec 21, 2023 | Feb 01, 2024 | Feb 08, 2024 | $0.356 | 1.65% |
| 5 | Dec 20, 2023 | Dec 20, 2023 | Dec 20, 2023 | $0.147 | 0.688% |
FAQ
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