Fidelity Wise Origin Bitcoin Trust ETF Forecast
Red day on Tuesday for Fidelity Wise Origin Bitcoin Trust
(Updated on Jul 02, 2024)
The Fidelity Wise Origin Bitcoin Trust ETF price fell by -2.12% on the last day (Tuesday, 2nd Jul 2024) from $55.28 to $54.11. During the last trading day the ETF fluctuated 2.29% from a day low at $53.97 to a day high of $55.21. The price has fallen in 6 of the last 10 days and is down by -7.2% 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 -968 thousand shares and in total, 3 million shares were bought and sold for approximately $179.84 million.
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 Fidelity Wise Origin Bitcoin Trust ETF with a 90% probability to be traded between $48.70 and $61.48 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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FBTC Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, June 24, 2024, and so far it has risen 4.44%. 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 Fidelity Wise Origin Bitcoin Trust 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 $57.90. On a fall, the ETF will find some support from the short-term average at $53.54. 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. 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 Fidelity Wise Origin Bitcoin Trust ETF
Fidelity Wise Origin Bitcoin Trust finds support from accumulated volume at $53.12 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 $1.24 between high and low, or 2.29%. For the last week, the ETF has had daily average volatility of 2.35%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FBTC) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Fidelity Wise Origin Bitcoin Trust to open at $54.43, and during the day (based on 14 day Average True Range), to move between $52.01 and $56.21, which gives a possible trading interval of +/-$2.10 (+/-3.87%) up or down from last closing price. If Fidelity Wise Origin Bitcoin Trust takes out the full calculated possible swing range there will be an estimated 7.74% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $53.12 (1.84%) than the resistance at $55.36 (2.31%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Fidelity Wise Origin Bitcoin Trust ETF A Buy?
Fidelity Wise Origin Bitcoin Trust 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: -1.566 Sell Candidate Unchanged
Predicted Opening Price for Fidelity Wise Origin Bitcoin Trust of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $54.43 ( 0.593%) | $54.11 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FBTC
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 55.67 | 2.88% |
| R2 | 55.20 | 2.01% |
| R1 | 54.90 | 1.47% |
| Price | 54.11 | |
| S1 | 53.96 | -0.280% |
| S2 | 53.67 | -0.82% |
| S3 | 53.19 | -1.69% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 58.56 | 8.22% |
| R2 | 57.85 | 6.91% |
| R1 | 55.36 | 2.31% |
| Price | 54.11 | |
| S1 | 53.12 | -1.84% |
| S2 | 51.81 | -4.25% |
| S3 | 49.73 | -8.09% |
FAQ
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