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.
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.
Trade active:
Bottom of Target 1 hit...
Trade active:
Target 1 hit and retraace has begun... not ready for prime time yet IMHO
Comment:
Still not ready to reload...