Valkyrie Bitcoin Futures Leveraged ETF Forecast
Stronger technical forecast for Valkyrie Bitcoin Futures Leveraged ETF price after Tuesday trading.
(Updated on Jul 02, 2024)
The Valkyrie Bitcoin Futures Leveraged ETF price fell by -4.36% on the last day (Tuesday, 2nd Jul 2024) from $29.80 to $28.50. During the last trading day the ETF fluctuated 3.65% from a day low at $28.50 to a day high of $29.54. The price has fallen in 6 of the last 10 days and is down by -18.83% 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 -16 thousand shares and in total, 24 thousand shares were bought and sold for approximately $671.23 thousand.
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 -10.89% during the next 3 months and, with a 90% probability hold a price between $21.05 and $35.55 at the end of this 3-month period.
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BTFX Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 4.24%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Valkyrie Bitcoin Futures Leveraged 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 $28.88 and $34.96. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Valkyrie Bitcoin Futures Leveraged ETF
Valkyrie Bitcoin Futures Leveraged finds support from accumulated volume at $27.34 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 very much during the day (volatility) and with periodic low trading volume this ETF is considered to be "very high risk". During the last day, the ETF moved $1.04 between high and low, or 3.65%. For the last week the ETF has had daily average volatility of 3.07%.
Our recommended stop-loss: $26.73 (-6.21%) (This ETF has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 18 days ago.)
Trading Expectations (BTFX) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Valkyrie Bitcoin Futures Leveraged Strategy Etf to open at $28.85, and during the day (based on 14 day Average True Range), to move between $26.35 and $30.65, which gives a possible trading interval of +/-$2.15 (+/-7.56%) up or down from last closing price. If Valkyrie Bitcoin Futures Leveraged Strategy Etf takes out the full calculated possible swing range there will be an estimated 15.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $28.93 (1.51%) than the support at $27.34 (4.07%), 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 Futures Leveraged Strategy Etf ETF A Buy?
Valkyrie Bitcoin Futures Leveraged 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: -0.538 Hold/Accumulate Upgraded
Predicted Opening Price for Valkyrie Bitcoin Futures Leveraged Strategy Etf of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $28.85 ( 1.22%) | $28.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BTFX
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 29.89 | 4.87% |
| R2 | 29.49 | 3.47% |
| R1 | 29.24 | 2.61% |
| Price | 28.50 | |
| S1 | 28.45 | -0.178% |
| S2 | 28.20 | -1.04% |
| S3 | 27.81 | -2.43% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 31.45 | 10.35% |
| R2 | 29.82 | 4.63% |
| R1 | 28.93 | 1.51% |
| Price | 28.50 | |
| S1 | 27.34 | -4.07% |
| S2 | 26.93 | -5.51% |
| S3 | 0 | - |
FAQ
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