Ishares Bitcoin Trust ETF Forecast
Red day on Friday for Ishares Bitcoin Trust
(Updated on May 10, 2024)
The Ishares Bitcoin Trust ETF price fell by -2.81% on the last day (Friday, 10th May 2024) from $35.58 to $34.58. During the last trading day the ETF fluctuated 5.06% from a day low at $34.26 to a day high of $36.00. The price has fallen in 6 of the last 10 days and is down by -4.79% for this period. Volume has increased on the last day by 13 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 29 million shares were bought and sold for approximately $993.68 million.
The ETF lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $32.48 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 10.70% during the next 3 months and, with a 90% probability hold a price between $35.96 and $49.61 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
IBIT 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 Ishares Bitcoin Trust 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 $35.24 and $37.16. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 13, 2024, and so far it has fallen -17.57%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.
Support, Risk & Stop-loss for Ishares Bitcoin Trust ETF
Ishares Bitcoin Trust finds support from accumulated volume at $34.45 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 $1.74 between high and low, or 5.06%. For the last week, the ETF has had daily average volatility of 2.99%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (IBIT) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Ishares Bitcoin Trust to open at $34.95, and during the day (based on 14 day Average True Range), to move between $33.09 and $36.07, which gives a possible trading interval of +/-$1.49 (+/-4.32%) up or down from last closing price. If Ishares Bitcoin Trust takes out the full calculated possible swing range there will be an estimated 8.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $34.45 (0.38%) than the resistance at $35.32 (2.14%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Ishares Bitcoin Trust ETF A Buy?
The Ishares Bitcoin Trust ETF holds several negative signals and despite the positive trend, we believe Ishares Bitcoin Trust will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.
Current score: -2.533 Sell Candidate Unchanged
Predicted Opening Price for Ishares Bitcoin Trust of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $34.95 ( 1.06%) | $34.58 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IBIT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 36.68 | 6.07 % | |
| R2 | 36.02 | 4.16 % | ||
| R1 | 35.61 | 2.97 % | ||
| Current price: | 34.58 | |||
| Support | S1 | 34.28 | -0.86 % | |
| S2 | 33.87 | -2.05 % | ||
| S3 | 33.21 | -3.96 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 39.51 | 14.26 % | |
| R2 | 38.14 | 10.29 % | ||
| R1 | 35.32 | 2.14 % | ||
| Current price | 34.58 | |||
| Support | S1 | 34.45 | -0.376% | |
| S2 | 32.39 | -6.33% | ||
| S3 | 31.12 | -10.01% |
FAQ
Click here for our free guide on how to buy Ishares Bitcoin Trust ETF.
