已更新

Bito ETF (BITO) - Some Harmonic Projections

Those of you who may consider holding Bitcoin as part of your equity portfolio, the ProShares Bitcoin Strategy Bito ETF (BITO) may be your ticket.

Above is a 4 hour chart.Warning: cryptocurrencies are particularly volatile assets.

This ETF is backed by Bitcoin futures contracts rather than the actual coin and as such carry a slightly negative discount because of contango.

While many look for harmonic patterns to complete as a point of entry, sometimes it is useful to anticipate their completion.

The current BITO setup suggests that 3 harmonic patterns could be considered for a final point D completion point.

I have shown these completion targets.

That said my oscillator in the bottom panel, suggests price be a bit ahead of itself.

Additionally we look to have rejected the March 2 last high.

So, my strategy would be to look for a pull back and then re-access the situation.

Additionally I would look for a penetration of point B to further confirm this strategy,

Not investment advice ... do your own due diligence and respect market volatility and conditions.

S.

交易進行

Bottom of Target 1 hit...