Valkyrie Bitcoin Fund ETF Forecast
Valkyrie Bitcoin Fund ETF price down 1.47% on Friday
(Updated on Apr 26, 2024)
The Valkyrie Bitcoin Fund ETF price fell by -1.47% on the last day (Friday, 26th Apr 2024) from $18.34 to $18.07. During the last trading day the ETF fluctuated 2.40% from a day low at $17.94 to a day high of $18.37. The price has fallen in 5 of the last 10 days and is down by -4.74% 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 -54 thousand shares and in total, 575 thousand shares were bought and sold for approximately $10.39 million.
Given the current short-term trend, the ETF is expected to rise 42.07% during the next 3 months and, with a 90% probability hold a price between $25.67 and $34.78 at the end of this 3-month period.
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BRRR Signals & Forecast
There are few to no technical positive signals at the moment. The Valkyrie Bitcoin Fund 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 $18.36 and $19.11. 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 -13.37%. 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 Valkyrie Bitcoin Fund ETF
Valkyrie Bitcoin Fund finds support from accumulated volume at $17.58 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.430 between high and low, or 2.40%. For the last week, the ETF has had daily average volatility of 2.61%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BRRR) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Valkyrie Bitcoin Fund to open at $18.13, and during the day (based on 14 day Average True Range), to move between $17.28 and $18.86, which gives a possible trading interval of +/-$0.786 (+/-4.35%) up or down from last closing price. If Valkyrie Bitcoin Fund takes out the full calculated possible swing range there will be an estimated 8.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $18.14 (0.39%) than the support at $17.58 (2.71%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Valkyrie Bitcoin Fund ETF A Buy?
The Valkyrie Bitcoin Fund ETF holds several negative signals and despite the positive trend, we believe Valkyrie Bitcoin Fund will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.
Current score: -2.606 Sell Candidate Unchanged
Predicted Opening Price for Valkyrie Bitcoin Fund of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $18.13 ( 0.314%) | $18.07 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BRRR
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.56 | 2.69 % | |
| R2 | 18.39 | 1.78 % | ||
| R1 | 18.29 | 1.22 % | ||
| Current price: | 18.07 | |||
| Support | S1 | 17.96 | -0.595 % | |
| S2 | 17.86 | -1.16 % | ||
| S3 | 17.70 | -2.07 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 19.72 | 9.13 % | |
| R2 | 19.67 | 8.85 % | ||
| R1 | 18.14 | 0.387 % | ||
| Current price | 18.07 | |||
| Support | S1 | 17.58 | -2.71% | |
| S2 | 17.30 | -4.26% | ||
| S3 | 17.14 | -5.15% |
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