ProSTrades

CRYPTO ETF - THE ESCAPE ROUTE FOR PROFIT??

Short
AMEX:BITO   ProShares Bitcoin Strategy ETF
AMEX:BITO

I'm not a fundamentally based trader, however, there are times where a theoretical story seems likely to supplement the technical analysis side of the (bit)coin.

Technically: Most IPOs are pretty obvious as to what is support and resistance are after a few days of trading. Therefore, mapping out potential levels in the future become easier - especially if happens to align with large round numbers. The areas shaded are in my opinion the ONLY places I would pay attention to.

Fundamentally: Bitcoin is at HI's again, and crypto is prevalent in the news with the launch of its first ETF (paving way for others). If anyone is looking to get out of bitcoin near its all-time HI, double top , then we need buyers. These ETFs are providing the liquidity for the sellers aka the escape artists to profit from the buyers and new players into the crypto world. We may see absorption of this buying (temporarily?) before we see bitcoin , crypto, and BITO ETF suffer some.

Small moves in the grand scheme of things where you can still profit.

Just an idea....