BITO is a fund that seeks capital appreciation. The fund seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts. The fund does not invest directly in bitcoin and…
may also invest in other instruments.
Take a look at the 1-year chart of BITO (NYSE: BITO) below with the added notations:
Chart of BITO provided by TradingView
BITO has formed key resistance at $15 over the past two months, while also rising on top of an up-trending support line. These two lines have BITO trading within a common pattern known as an ascending triangle (blue). BITO will break out of the triangle eventually, and a break to the upside could lead to a run up to the $17.5 level (yellow).
The Tale of the Tape: BITO has formed a triangle pattern. A short trade could be made on a break of support or on a test of resistance. A long trade could be made at support or on a break through the triangle resistance.
Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or…
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