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 IMHONote
Still not ready to reload...
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.