BitiI wish I posted this a day ago but still good to keep on radar. It’s a short btc etf. When btc goes down this goes up. Looking for this pattern to build which gives another 1.60 cents upside
BITI trade ideas
$10 by June 2024It's 2024, 3 years since people received free money from our government, people already started draining their savings accounts. Everything got much more expensive. Rising auto loan, credit card, mortgage delinquencies. We already had crypto pumps begging this year and these pumps were much smaller than 2021. I don't think people have money to pump anything anymore. The recent GME and AMC pumps were also small compared to 2021 pumps.
I think time is about to come for the entire crypto industry.
Let's be honest, it's a pure game.
I'm long BITI.
Current position: 5000 BITI shares.
BITI (short Bitcoin)MODs have suggested that I provide more detail about the picks I make.
Sorry. I'm not as verbose as y'all, and I don't like things to be complicated.
My trading plan is very simple.
I buy or sell at top & bottom of parallel channels.
I confirm when price hits Fibonacci levels.
Bonus if a TTM Squeeze in in play.
I hold until target is reached or end of year, when I can book a loss.
So...
Here's why I'm picking this symbol to do the thing.
Bitcoin at $69K
Price near bottom of channels (period 100 52 39 & 26)
Stochastic Momentum Index (SMI) at oversold level
VBSM is negative
Buying shares at $6.82 to $6.75
Target is $7.50 or channel top
Stop loss is $6.50
ProShares ETF (BITI) —BullishThis ETF, BITI, hit a major low around march and quickly a strong rise in buy volume can be seen on the chart.
Price action becomes flat, 100%, signaling that a bottom/low is being established. This process is the accumulation phase.
BITI is now moving daily above EMA55. It has been rising since June.
It can enter a major bullish wave now, based on these signals.
Additional details on the chart.
Namaste.
A Weekend Bet w BitiTicker Biti will benefit from decreases in the price of bitcoin futures contracts for a single day.
Bitcoin had broken below it's 200 day moving average Sunday August 4th. and over the next week has rebounded back to it's 200 day average @ 61,879 as of Friday August 9th.
Why would it get rejected at the 200 again and move down?
-JP Morgan has published, that there could be 30% more to flush out of the system as a result of a strengthening yen.
Volume Spike for The Bitcoin Short ETF - Does It Mean Anything?Overall, since the end of 2021, I've seen Bitcoin is more of a net-negative when it comes to investing, for a variety of reasons. I've outlined all of this pretty clearly in my posts to this account since then. I correctly anticipated the drop all the way down below $20k back in 2022, though I did not really have any intention of buying back in or trying to time a bottom. Ultimately, Bitcoin bottomed at $15.5k.
Once the ETF news came out, it had the appearance of saving the market. The news carried Bitcoin to new heights....though active addresses for Bitcoin holders continues to stagnate or even trend down. The kind of behavior seen here has occurred during major tops in the past: studio.glassnode.com
In any case, my preference is ideally to short this market, since the bearish periods can last a substantial amount of time. And let's face it, I think the lower the prices, the better things will be. My only current accessible way to short Bitcoin is through BITI, which is a blessing in disguise since it's just a -1x position. No leverage.
By the nature of the crypto market, there is also a higher probability of things going to zero (or close to it) than traditional markets. While it's not extremely probable, based on my theories of this market and extensive observation, I think there's a chance a Bitcoin short will truly print. Now, this does not make it a wise choice to throw all my money in it. That would be silly. As we know, Bitcoin can continue onwards to a new all-time high if the market decides it should.
Trump's clear inauthentic endorsement of crypto does nothing but further solidify my stance on this crazy market.
What's interesting about BITI is the volume - it appears as though a lot more buyers began stepping in as Bitcoin approached ATH. I began entering at around FWB:42K and added until it approached ATH. I then closed at a loss near FWB:67K in case it broke out higher. As I waited for the structure to develop, prices stalled and sellers started to dominate. I re-entered at that FWB:67K level and added around 30% to the position near $71k. I circled the area where I've added. I've also drawn a trendline to determine a possible upside breakout moment and some horizontal levels.
I'm making a somewhat wild speculation here, but I have a hunch a small but meaningful amount of smart money is shorting Bitcoin rather than longing it. Weekly sell volume for IBIT (the Blackrock ETF) is looking pretty high and consistent.
It would be "easy" money, since another crypto market collapse wouldn't really do much to impact broader society. It seems a little more ethical to short Bitcoin than to short the housing market, for instance.
Looking realistically at the data, the daily volume for the iShares Bitcoin trust far outstrips that for BITI. The short ETF only has about -$83 Million in assets on the line, and comparatively it's much lower in volume. IBIT owns $18 Billion. Clearly, the long ETF is more popular. All this data comes from the Proshares and iShares websites, respectively.
This post is more of an observation - volume really stepped in for the short ETF at recent high prices, showing growing short interest. Whether this means anything, I guess we'll only know in hindsight.
I'll probably close my short at a loss if we get an impulse back above $71k or so. Now that I've posted my short position, price can go back up now. That's how this works, right?
As always, this is not meant as financial advice, but for pure speculation. That's all!
-Victor Cobra
BTC Profit HedgingBitcoin has had an absolutely epic, face ripper rally over the last year and it may be time a look for a pullback in price as buying opportunities present themselves.
Today I have been considering the BITI Short BTC ETF which could give us an amazing hedge if BTC sees a sharp decline. Now I do believe we reached a maximum pump at $50k, and I dont quite see the probability of Bitcoin moving higher just yet.
Historically, we tend to see corrections moving into the halving cycle for April. But after that I would expect Bitcoin to officially start the next bull run.
So if you would like to stack some more Bitcoin in your portfolio, this can be a good opportunity to triple your holding if we pull back to $30k or lower.
I like the RSI showing us extremely oversold for quite a while, and its only now starting to tick up. Additionally, we are still below the range point of control which sits at $13.40. Anything above this price point I would expect buyers to hold their profits until the higher targets I have marked above.
My plan, I am going to buy this ETF if Bitcoin sees a pop back up to $50k. Otherwise, it does seem like a great technical entry regardless.
Good Luck!
I think $BTC is going lower and this $BITI chart looks bullishLet me know your thoughts on this trade =)
Personally I would like to scoop up some BTC at low 50s.
Crypto stocks & Bitcoin slaughtered!Stocks like Coin, Mara, MSTR all got s=demolished this week on the back of BTC having a 11% pullback from highs.
Bitcoin is forming a weekly reversal candle that is extremely bearish.
This candle could indicate a near term top in the crypto market.
If we get a weekly hammer reversal expect a 50% retrace on the bearish candle, this means some crypto stocks could be in for a dead cat bounce.
hedging btc profits new listed etfs dont allow shorting but you can buy short etfs to hedge your positions
Wen bottom for Bitcoin shorters?I've shared many "hopium" charts for crypto bears, about bearish turnaround around the summer. Some time ago I've said Bitcoin short ETF chart is dead. It cannot always be dead :D
So I say, regardless of the price, wait for the summer if you are a bear. Then you'll probably be fine shorting anything crypto related. Short corn, short outperformers, short miners...
Miners.. Of course miners will go bankrupt! It's just a timing issue. Wait until macro charts look like shit.
BITI short CME Bitcoin futures ETFBITI opened for trading on Tuesday 6/21. Since then, Bitcoin has gone down and therefore conversely BITI went up. BITI (short CME Bitcoin futures ETF) is obviously the opposite of BITO (long CME Bitcoin futures ETF).
Do your own due diligence, your risk is 100% your responsibility. This is for educational and entertainment purposes only. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
*3x lucky 7s of trading*
7pt Trading compass:
Price action, entry/exit
Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue
Earnings
Balance sheet
7 Common mistakes:
+5% portfolio trades, capital risk management
Beware of analyst's motives
Emotions & Opinions
FOMO : bad timing, the market is ruthless, be shrewd
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors, no adaptation
7 Important tools:
Trading View app!, Brokerage UI
Accurate indicators & settings
Wide screen monitor/s
Trading log (pencil & graph paper)
Big, organized desk
Reading books, playing chess
Sorted watch-list
Checkout my indicators:
Fibonacci VIP - volume
Fibonacci MA7 - price
pi RSI - trend momentum
TTC - trend channel
AlertiT - notification
tickerTracker - MFI Oscillator
www.tradingview.com
bitcoin short etf doing wellafter all the losses, drama and liquidation today, biti looks well lol. at least somebody made money. perfect timing for this chart to reverse right at the trendline on biti when the ftx drama comes to light
BITI - Inverse ETF to short BITCOINThis inverse ETF allows you to short bitcoin. Bitcoin is breaking down from weekly pennant.
You don't need to know what's going to happen next to make money ~Mark Douglas
Lose like a pro and keep trading, or lose like a novice and quit ~Mark Ritchie
Bitcoin Volatility Incoming Up Only or Down BadGrayscale vs SEC is coming up next month
That will be a catalyst to break the coin out of this capitulation range
