BITW Breaks Downwards ChannelIt been a while, BITW has crossed a major downward channel. The current NAV is sitting around $34.71 at the time of this post.
Some would say it’s a good time to buy if the price of the shares are below the NAV price.
I would say that’s not a bad plan if you want to buy and hold long term.
I’m currently waiting for the crypto market to take a breath. I’m thinking there’s two ways this could play out.
1. Price keeps trending up towards the middle downwards channel line. Potentially breaking through to the topside of the channel.
2. Price rises the bottom side of the downwards channel line and keeps following that line. If it trades back into that bottom channel, could see much lower prices.
I will do my best to update this post.
This is not trading advice!
BITW trade ideas
falling wedgeFalling wedge bullish continuation pattern. Wondering if previous pump possible short squeeze. 02/12/2021 8.29% short interest. www.otcmarkets.com
Premium at about 100% to NAV. Very expensive. Would be extremely foolish to short any Crypto stock IMO. Price could go either down to NAV at $50 or back up to test all time highs. Wait for breakout. A pump by bitcoin or other alt coin could send this back to the moon. High risk, high reward.
$BITW break above 78 with volume looking for 110$BITW has a nice W setup with a break above 78 and a depth of 32 so looking for 110 or better here are the holdings in the 3.5 mil share float at the moment
BITCOIN
76.83% $876,982,866,015 $47,119.03 5.62%
ETHEREUM
17.69% $202,004,777,451 $1,765.36 2.96%
LITECOIN
1.07% $12,221,754,838 $184.16 4.93%
CHAINLINK
0.97% $11,064,422,469 $27.49 5.14%
STELLAR
0.87% $9,977,166,111 $0.45 15.29%
BITCOIN CASH
0.85% $9,715,977,085 $521.28 8.21%
AAVE
0.56% $6,371,215,835 $518.56 2.35%
UNISWAP
0.52% $5,908,291,845 $20.62 1.32%
EOS
0.37% $4,189,848,667 $4.46 13.86%
TEZOS
0.27% $3,068,930,593 $4.05 10.71%
Bitwise BITW Percentage Above NAV Price #BTC #Crypto For the time being, it appears that BITW has bottom at around 35% above the NAV price. The last bottom was at around 23% above the NAV price.
Perhaps the next bottom after this could be 45% above the NAV?
Could we be seeing a trend here?
Could the next top in BITW be when the NAV reaches $40?
Is BITW Too Expensive? $BITWI think it might be...ya know...because the NAV is telling us it's over valued.
I noticed something interesting between the NAV and the price of BITW, if you look at the very low of BITW the price is around $20.74.
If you then look at the NAV line and where BITW topped out, you notice that the NAV price is $20.33 (ATH).
That's a $0.41 difference or almost a 2% difference between the ATL of BITW and the ATH of the NAV.
The reason I'm pointing this out is, maybe this is a clue for when to get out of this thing the next rocket ship cycle.
So, if BITW bottoms out at let's just say $30 on the next dump, we could see the NAV topping out at around $28 to $29 on the next pump.
Let me know if this makes sense or if it's too early to be spotting patterns like this.
But where BITW tops out the next pump...I have no clue.
Whole Chart
Zoomed In On NAV High And Price Bottom
BITW - Key resistance level at $93.5Scenario A - Continues to rise to $93.5 where it was rejected previously. If it can break through, it could spike to the next Fibonacci level at about $135, where it would probably be rejected and retrace back to around $100, finding support at the $93.5 level now.
Scenario B - There is a correction and it drops back down to the previous level, where it should find good support at around $65. From there it will climb again and face some resistance at $78 and again at $93.5.
Either way, I think this will be a good long-term hold. This is the first chart I am publishing - let me know what you think!!
First look at Bitwise 10 Crypto Index Fund #BITWThese guys are going places.
Be patient as the cobwebs may need to get sorted.
Competition in this space is great and has been needed to step -up existing compeditors.
Good luck to the team.
All the hard work appears to be paying off.
All the best to BITW.
I'm long.
-Cryptmando
(this is not trading advise)