Wisdom Tree Bitcoin Fund ETF Forecast
Wisdom Tree Bitcoin Fund ETF price ended at $66.15 on Wednesday, after losing 1.14%.
(Updated on May 08, 2024)
The Wisdom Tree Bitcoin Fund ETF price fell by -1.14% on the last day (Wednesday, 8th May 2024) from $66.91 to $66.15. During the last trading day the ETF fluctuated 1.58% from a day low at $65.69 to a day high of $66.73. The price has fallen in 6 of the last 10 days and is down by -3.12% 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 -29 thousand shares and in total, 34 thousand shares were bought and sold for approximately $2.27 million.
The ETF lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 13.89% during the next 3 months and, with a 90% probability hold a price between $69.32 and $96.55 at the end of this 3-month period.
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BTCW Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Wisdom Tree Bitcoin Fund 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 $69.51. On a fall, the ETF will find some support from the short-term average at $64.54. 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. A sell signal was issued from a pivot top point on Wednesday, March 13, 2024, and so far it has fallen -15.37%. Further fall is indicated until a new bottom pivot has been found. 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 Wisdom Tree Bitcoin Fund ETF
Wisdom Tree Bitcoin Fund finds support from accumulated volume at $65.91 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 $1.04 between high and low, or 1.58%. For the last week, the ETF has had daily average volatility of 1.99%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BTCW) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Wisdom Tree Bitcoin Fund to open at $66.19, and during the day (based on 14 day Average True Range), to move between $63.45 and $68.85, which gives a possible trading interval of +/-$2.70 (+/-4.08%) up or down from last closing price. If Wisdom Tree Bitcoin Fund takes out the full calculated possible swing range there will be an estimated 8.15% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $65.91 (0.36%) than the resistance at $70.02 (5.85%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Wisdom Tree Bitcoin Fund ETF A Buy?
Wisdom Tree Bitcoin Fund holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF.
Current score: -3.157 Sell Candidate Unchanged
Predicted Opening Price for Wisdom Tree Bitcoin Fund of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $66.19 ( 0.0605%) | $66.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BTCW
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 67.23 | 1.63 % | |
| R2 | 66.83 | 1.03 % | ||
| R1 | 66.59 | 0.661 % | ||
| Current price: | 66.15 | |||
| Support | S1 | 65.79 | -0.540 % | |
| S2 | 65.55 | -0.91 % | ||
| S3 | 65.15 | -1.51 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 75.31 | 13.85 % | |
| R2 | 73.64 | 11.32 % | ||
| R1 | 70.02 | 5.85 % | ||
| Current price | 66.15 | |||
| Support | S1 | 65.91 | -0.363% | |
| S2 | 64.20 | -2.95% | ||
| S3 | 55.44 | -16.19% |
FAQ
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