Proshares Ultrashort Bitcoin Etf ETF Forecast

A very strong day for Proshares Ultrashort Bitcoin Etf ETF price on Friday
(Updated on Jun 28, 2024)

SBIT Signals & Forecast

The Proshares Ultrashort Bitcoin Etf ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $43.86 and $38.84. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical 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 Monday, June 24, 2024, and so far it has fallen -2.86%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Proshares Ultrashort Bitcoin Etf ETF

On the downside, the ETF finds support just below today's level from accumulated volume at $43.19 and $38.47. 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, Proshares Ultrashort Bitcoin Etf finds support just below today's level at $43.19. If this is broken, then the next support from accumulated volume will be at $38.47 and $37.55.

This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $2.77 between high and low, or 6.38%. For the last week, the ETF has had daily average volatility of 5.39%.

Our recommended stop-loss: $44.42 (-3.83%) (This ETF has high daily movements and this gives high risk. There is a sell signal from a pivot top found 16 days ago.)

Trading Expectations (SBIT) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Proshares Ultrashort Bitcoin Etf to open at $45.27, and during the day (based on 14 day Average True Range), to move between $43.48 and $48.90, which gives a possible trading interval of +/-$2.71 (+/-5.87%) up or down from last closing price. If Proshares Ultrashort Bitcoin Etf takes out the full calculated possible swing range there will be an estimated 11.74% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $47.55 (2.94%) than the support at $43.19 (6.49%), 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 Proshares Ultrashort Bitcoin Etf 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 Proshares Ultrashort Bitcoin Etf ETF to perform well in the short-term.

Current score: 1.052 Buy Candidate Unchanged

Predicted Opening Price for Proshares Ultrashort Bitcoin Etf of Monday, July 1, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.