Bitwise Funds Trust ETF Forecast
Stronger technical forecast for Bitwise Funds Trust ETF price after Monday trading.
(Updated on Jun 17, 2024)
The Bitwise Funds Trust ETF price gained 1.98% on the last trading day (Monday, 17th Jun 2024), rising from $48.49 to $49.45. During the last trading day the ETF fluctuated 0% from a day low at $49.45 to a day high of $49.45. The price has been going up and down for this period, and there has been a -6.7% loss for the last 2 weeks. Volume fell on the last day by -2 thousand shares and in total, 247 shares were bought and sold for approximately $12.21 thousand. 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 is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Bitwise Funds Trust ETF with a 90% probability to be traded between $43.71 and $55.32 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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BTOP Signals & Forecast
The Bitwise Funds Trust ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $50.48. On a fall, the ETF will find some support from the long-term average at approximately $48.97. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, June 05, 2024, and so far it has fallen -8.72%. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Bitwise Funds Trust ETF
Bitwise Funds Trust finds support from accumulated volume at $49.28 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, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved $0 between high and low, or 0%. For the last week the ETF has had daily average volatility of 0.798%.
Our recommended stop-loss: $46.61 (-5.74%) (This ETF has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 32 days ago.)
Trading Expectations (BTOP) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Bitwise Funds Trust to open at $49.45, and during the day (based on 14 day Average True Range), to move between $48.00 and $50.90, which gives a possible trading interval of +/-$1.45 (+/-2.94%) up or down from last closing price. If Bitwise Funds Trust takes out the full calculated possible swing range there will be an estimated 5.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $49.28 (0.34%) than the resistance at $50.17 (1.46%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Bitwise Funds Trust ETF A Buy?
Bitwise Funds Trust 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: 0.754 Hold/Accumulate Upgraded
Predicted Opening Price for Bitwise Funds Trust of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| $49.45 ( 0%) | $49.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BTOP
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 49.45 | - |
| R2 | 49.45 | - |
| R1 | 49.45 | - |
| Price | 49.45 | |
| S1 | 49.45 | - |
| S2 | 49.45 | - |
| S3 | 49.45 | - |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 54.00 | 9.20% |
| R2 | 50.97 | 3.07% |
| R1 | 50.17 | 1.46% |
| Price | 49.45 | |
| S1 | 49.28 | -0.340% |
| S2 | 44.65 | -9.70% |
| S3 | 43.05 | -12.94% |
FAQ
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