Volatility Shares Trust - 2x Bitcoin ETF Forecast
Volatility Shares Trust - 2x Bitcoin ETF upgraded to Hold/Accumulate.
(Updated on Apr 26, 2024)
The Volatility Shares Trust - 2x Bitcoin ETF price fell by -2.48% on the last day (Friday, 26th Apr 2024) from $42.02 to $40.98. During the last trading day the ETF fluctuated 5.24% from a day low at $40.29 to a day high of $42.40. The price has been going up and down for this period, and there has been a -11.47% loss for the last 2 weeks. 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 -291 thousand shares and in total, 3 million shares were bought and sold for approximately $138.70 million.
The ETF lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $40.79 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 50.25% during the next 3 months and, with a 90% probability hold a price between $61.28 and $107.66 at the end of this 3-month period.
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BITX Signals & Forecast
There are few to no technical positive signals at the moment. The Volatility Shares Trust - 2x 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 $42.53 and $48.04. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 13, 2024, and so far it has fallen -31.32%. 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 Volatility Shares Trust - 2x Bitcoin ETF
Volatility Shares Trust - 2x Bitcoin finds support from accumulated volume at $40.95 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 $2.11 between high and low, or 5.24%. For the last week, the ETF has had daily average volatility of 5.62%.
Our recommended stop-loss: $38.36 (-6.40%) (This ETF has high daily movements and this gives high risk. There is a sell signal from a pivot top found 31 days ago.)
Trading Expectations (BITX) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Volatility Shares Trust - 2x Bitcoin Strategy Etf to open at $41.22, and during the day (based on 14 day Average True Range), to move between $37.03 and $44.93, which gives a possible trading interval of +/-$3.95 (+/-9.65%) up or down from last closing price. If Volatility Shares Trust - 2x Bitcoin Strategy Etf takes out the full calculated possible swing range there will be an estimated 19.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $40.95 (0.07%) than the resistance at $43.11 (5.20%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Volatility Shares Trust - 2x Bitcoin Strategy Etf ETF A Buy?
Volatility Shares Trust - 2x Bitcoin holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.455 Hold/Accumulate Upgraded
Predicted Opening Price for Volatility Shares Trust - 2x Bitcoin Strategy Etf of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $41.22 ( 0.594%) | $40.98 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BITX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 43.33 | 5.74 % | |
| R2 | 42.53 | 3.78 % | ||
| R1 | 42.03 | 2.56 % | ||
| Current price: | 40.98 | |||
| Support | S1 | 40.42 | -1.37 % | |
| S2 | 39.92 | -2.59 % | ||
| S3 | 39.11 | -4.56 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 50.06 | 22.16 % | |
| R2 | 46.29 | 12.96 % | ||
| R1 | 43.11 | 5.20 % | ||
| Current price | 40.98 | |||
| Support | S1 | 40.95 | -0.0732% | |
| S2 | 40.61 | -0.90% | ||
| S3 | 38.08 | -7.08% |
FAQ
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