Wisdom Tree Bitcoin Fund ETF Forecast
Wisdom Tree Bitcoin Fund ETF price ended at $71.38 on Friday, after gaining 3.11%.
(Updated on May 17, 2024)
The Wisdom Tree Bitcoin Fund ETF price gained 3.11% on the last trading day (Friday, 17th May 2024), rising from $69.23 to $71.38. During the last trading day the ETF fluctuated 2.44% from a day low at $70.00 to a day high of $71.71. The price has been going up and down for this period, and there has been a 8.5% gain for the last 2 weeks. Volume fell on the last day by -83 thousand shares and in total, 17 thousand shares were bought and sold for approximately $1.18 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the middle of a very wide and weak 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 2.68% during the next 3 months and, with a 90% probability hold a price between $62.48 and $81.84 at the end of this 3-month period.
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BTCW Signals & Forecast
The Wisdom Tree Bitcoin Fund ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the ETF has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $67.74 and $68.63. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 01, 2024, and so far it has risen 18.10%. Further rise is indicated until a new top pivot has been found. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Wisdom Tree Bitcoin Fund ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $65.91 and $64.20. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, Wisdom Tree Bitcoin Fund finds support just below today's level at $65.91. If this is broken, then the next support from accumulated volume will be at $64.20 and $55.44.
This ETF has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved $1.71 between high and low, or 2.44%. For the last week the ETF has had daily average volatility of 2.30%.
Our recommended stop-loss: $69.00 (-3.34%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (BTCW) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Wisdom Tree Bitcoin Fund to open at $71.03, and during the day (based on 14 day Average True Range), to move between $68.62 and $74.14, which gives a possible trading interval of +/-$2.76 (+/-3.86%) 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 7.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $73.64 (3.17%) than the support at $65.91 (7.66%), 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 Wisdom Tree Bitcoin Fund ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Wisdom Tree Bitcoin Fund ETF to perform well in the short-term.
Current score: 1.847 Buy Candidate Unchanged
Predicted Opening Price for Wisdom Tree Bitcoin Fund of Monday, May 20, 2024
Fair opening price May 20, 2024 | Current price |
---|---|
$71.03 ( 0.490%) | $71.38 |
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 | 72.74 | 1.91 % | |
R2 | 72.09 | 0.99 % | ||
R1 | 71.68 | 0.425 % | ||
Current price: | 71.38 | |||
Support | S1 | 70.38 | -1.41 % | |
S2 | 69.97 | -1.97 % | ||
S3 | 69.32 | -2.89 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 75.31 | 5.51 % | |
R2 | 73.77 | 3.35 % | ||
R1 | 73.64 | 3.17 % | ||
Current price | 71.38 | |||
Support | S1 | 65.91 | -7.66% | |
S2 | 64.20 | -10.06% | ||
S3 | 55.44 | -22.33% |
FAQ
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