BITOWas that the bottom? Through the zero slope MA of lows. Let’s see! Maybe more with tomorrow’s numbers. Longby MAgicTrx0
BITOBITO is under the 2 day zero slope MA of lows. I like this as a buying level especially if one has reasons to buy it anyway. If it breaks up thru it that would be additional incentive for me to buy calls and or sell put spreads. A give up might be just under the recent lows. Longby MAgicTrx1
Bitcoin Miner Moon Race - BMMR - CORZQ Leads the way! The great power of the Bitcoin ecosystem, where is the hash rate coming from? Miners. And most of these miners have bases in Americas only. Most of the Eurasia / South America / Central America (El Salvador Volcano) are not publicly traded yet or direct government related but I suspect this trend is occurring globally. Forget the Moon race, its the Hash Race. All of this too when we are in early stages of a bull market. Don't hear a peep of Bitcoin miners or the ecosystem on Bloomberg either? BlackRock radio silence. . . but the waves are public. Longby FederalXBT2
BITO - is this the BITTOM?Lots of oversold metrics here. Let’s see what kind of rally off these levels we get if any. Longby MAgicTrx221
BITI or BITO now? BITO It just past the dividend ex-day sell-off and I'm watching it now . I might jump in if it can complete consolidation soon. BITI also need to be consolidated, but let's see which one come first.by johng2001Updated 222
BITO - the next wave up about to begin?Well it didn't quite trigger my buy signal but definitely in my value zone. With the debt ceiling drama done til....next year? are we back to risk on? SPY BITO what else? Possible a real cratering in bonds and gold. We will see.Longby MAgicTrx2
Surfing BTC: BITO - Why dividends from BITO are a SILENT KILLER TLDR: We are currently losing 10% per year to withholding taxes for "dividends" from BITO, which are not profits from futures rollover. - If you were like me, holding BITO and gotten dividends since 1 Feb 2023, and every month after that (today is 1 June), you might have been pleasantly surprised with the dividends. You may have thought that it was backwardation and pure profits. Sad to say, nothing is further from the truth. Not only do you NOT have profits, your dividends are TAXED. Let me explain: 1. Assume we hold 1 BITO 2. For Feb, Mar, Apr, May, June, we have a total of $1.56 of dividends 3. We have paid withholding taxes of 30% (in my jurisdiction) 4. The total dividends amount to about 10% of BITO price (averaging about $15.50 between Feb and Jun) Now look at the chart of BITO/BTCUSD - 1. BITO has effectively fallen 10% from the BTCUSD peg What this means: 1. There was ZERO real profits from futures rollover 2. There was "profit" from rollover, but the BTC peg was unhinged by the same amount 3. Dividends were distributed, and if they could be manually compounded, it would be OK 4. But THEY ARE TAXED! Result: 1. The holdings of BITO are not 1:1 with BTC 2. They have LOST 3% over the past 3 (mainly Apr, May, Jun) dividend distributions 3. At this rate, we lose 10% a year to Taxes by WJ.Y111
BITO, FXE, GLD, TLTThe markets BITO, FXE, GLD, TLT are all under extreme downleg compressions. A resolution or resolution failure could cause an extreme reaction in any or all of these markets. If there is a marked retracement in any of these markets an out of the money call position could offer an exceptional opportunity even if only one of these markets complies, IMHO.Longby MAgicTrx1
$BITO Falling wedge long ideaBITO seeing some massive dark pool activity and chart looks bullish IMO as it's currently building a falling wedge and resting near 100DMA which has provided support and resistance recently First target $17.70 , stop at a close below $14.80 Longby FriscoTrades1
$BITO OutlookPossible top soon so will remain neutral. Expect it to go up a little more but a possible short-term correctionby KuomingtangCapital0
BITO ProShares Bitcoin Strategy ETFBITO on resistance line too. Will be BTC can stay and higher than $30k ? MIL:BTC #btcshort Shortby FreddwangFX1
Going upIt might just last 12 hours or 3 days, but it looks like it's going up from here. Gold is the canary in the coalmine, and silver jumped 4% and hasn't seen a sell off. I think a large green candle on the 1 hr chart will present itself shortly. Why would people buy BTC when interest rates need to climb? Because that would make the bank deposits invested in negative yield bonds worthless. The only way to handle it is to let other currencies absorb the value of money and paper over the debts. Longby yarowtea0
BITO: Risk on rideBITO 390m: Breakout from structure held since June 2022 and move over value area high. Auction has now moved over key MAs. Aggressive movements & high vol in the crypto sector has produced risk on sentiment and a two day upside of +30%; diverging from recent equity sentiment. Continued price action and breadth in this space could see BITO continue its current move to price rediscovery of May 2022 levels into the 18.14, 22.48 vPOCs; contingent of exhaustion absence//Will monitor how derivatives position post market favored CPI reports this am and into EOM OpEX, compression of volatility, and Fed speak// RVOL 3.56, IV: 87.40%, Fast Beta: 0.77, Notable that ATR: 0.67// Bias: Acute long// Price at time of publish: 15.95Longby GroundNinja2
BITO LongAm planning to buy BITO calls (expiry June 30 12.0 ATM), the opening range of the quarter (january) looks bullish, we are then in discount almost (12.0) and the extension might be 25 and then 40 (targets). Planning to hold for a while the catalyst is the decrease in rates that is likely to make price to increase. Just an idea do not risk more than your phycological capital allows you to risk. Longby vik0q0
Proshares Bitcoin ETF Truncated 5th Update First leg down appears to be complete and terminated. Expecting a proregressive(upward) correction wave B to follow. In my humble opinion. All the best!Longby noble1onesUpdated 330
Bitcoin Truncated 5th UPDATE!First corrective leg down complete. In my humble opinion. That's it, nothing more & nothing less........... by noble1onesUpdated 2
BITO 15.40 and 13.20 When rising to the selling resistance line BITO 15.40 and 13.20 When rising to the selling resistance line position, there is a possibility of further collapse due to the absence of the lower support lineby AGasset1
BITO Double Bottom / SharkBITO, the futures ETF for Bitcoin, is potentially putting in a double bottom here similar to how BTC is forming. Whether you want to reference a wyckoff schematic, the Bullish Shark pattern with a type 2 in place, or the elliot wave structure on the corrective move from the peak, weve also got a few nice drives of Bullish divergence on the RSI as well as on the MACD here. RSI is also moving above its average and above the 40 level A common retracement here would be between 16 (382 fib) to 20$ at the 618 for a local target with a 618 retracement of the full ABC down, sitting at about 26$ This week will be important for all markets, as we could be getting a major move soon. With the current macro picture in mind, its best to wait for confirmation, but in any case, keep your plan in mind and exercise risk management and proper position sizing. Longby TradingNomadic1
Closed (Margin): BITO October 21st 11C/16P Short Strangle... for a 6.00 debit. Comments: Collected a total of 5.01 for this. (See Post Below). Closing it out here as less of a loser (.99/$99) than it was previously.by NaughtyPines2
Time to short Bitcoin againBito has hit the of the channel, negative delta volume and is pushing the weekly candle highShortby pureBus99619Updated 0
BTC options strategy on BITO (Upside with a Downside Cushion)Have you seen the outlook for BTC? • Rising Wedge with Bearish sentiment • Fractal with Bullish prediction • Bullish on the 2-hour chart • Bearish on the 8-hour chart It can be profitable or devastating to make directional trades. Come what may, we can use options on BITO to capture upside with a downside cushion to quell concerns of volatility. There is a way to build custom options strategies that provide upside with a downside cushion. This particular strat can make up to up to 13% (47% annualized), and only start to lose if BITO falls by more than 33% to below $8.82 as of 12/16/2022. Buy 1 $13 call Sell 1 $14 call Sell 1 $9 put Exp 12/16/22 Limit Price $0.20Longby oliveinvest3
Rolling (Margin): BITO Sept 12C/17P to Oct 11C/16P... for a .63 credit. Comments: Rolling out with 28 days to go, but adjusting strikes slightly to delta neutral, since there wasn't a ton of difference in credit between rolling out "as is" versus delta balancing. Total credits collected of 5.01 on a 5 wide inverted. The setup is currently marking at 6.46 relative to my cost basis of 5.01, so it's underwater by 1.45 ($145). Moreover, the max the setup can make is 5.01 minus the width of the inversion (5.00) (i.e., $1), so I'm just looking to cut that loss a smidge before calling it a day if I can, with price ideally staying between the short option strikes throughout the life of the setup. Resulting delta/theta of -8.42/2.18.by NaughtyPines221