Bit-Coin Fund $BITO is trying to end a long correctionThe Bit-Coin Fund AMEX:BITO is trying to end a long correction.
Key stats
About ProShares Bitcoin ETF
Expense ratio
0.95%
Home page
Inception date
Oct 19, 2021
BITO provides exposure to bitcoin returns in an ETF wrapper. The fund does not invest directly in bitcoin. The fund will invest in cash settled, front-month bitcoin futures, traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC), such as the CME Futures Exchange. The value of bitcoin futures is determined by the CME Group and Crypto Facilities Bitcoin Reference Rate (CME CF BRR), which aggregates bitcoin trading activity across major global bitcoin spot trading venues during a one-hour window. The one-hour window is divided equally into twelve 5-minute segments. Each segment has a volume-weighted median (VWM). The BRR value is expressed as the arithmetic mean of the 12 VWMs. Prices are usually determined at 4:00 p.m. (London Time). The fund itself gains exposure through a wholly owned Cayman Island subsidiary. Before September 27, 2024, the fund was named ProShares Bitcoin Strategy ETF.
Classification
What's in the fund
Exposure type
Cash
Bonds, Cash & Other100.00%
Cash100.00%
First Higher Low Since April 1st, 2024After an "yearful" of lower lows, we finally have a higher low.
Opened (IRA): BITO June 28th 31 Covered Call... for a 27.55 debit.
Comments: Not the weakness I was looking for, but setting myself up to grab the early June dividend.
Generally, I'll look to roll out the short call at 50% max ... .
Support zone: 16.02-17.52
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(BITO 1M chart)
As a spot ETF chart, the HA-Low indicator is formed at the 16.02 point.
Therefore, the key is whether it can
BITO Swing Trade & Passive Income Play Shares only: BITO gives you exposure of the movement from Bitcoin without actually owning Bitcoin. Now BITO is volatile so you will get big moves up or down. Now i like BITO for a swing if Bitcoin gets another leg up from the bull flag that its currently trading within. The chart shows a comparison
BITO Daily Gap FillHas an upside gap fill with price targets of: 21.20, 21.90, and 22.60
Crypto as a whole has a lot of sudden interest with the narrative of rates falling in the future
Opening (IRA): BITO August 16th 20 Short Put... for a 1.13 credit.
Comments: Adding a rung out in August at strikes better than what I currently have on, selling the 25 delta strike.
Metrics:
BPE/Break Even: 18.87
Max Profit: 1.13 ($113)
ROC at Max: 5.99%
50% Max: .57 ($57)
ROC at 50% Max: 3.00%
Will generally look to take profit at 50%
Opening (IRA): BITO July 19th 22 Short Put... for an .81 credit.
Comments: Adding a rung at the 22 strike, which is better than either my covered call break even or the July 19th 24 short put I've got on.
Will generally look to take profit at 50% max, but am fine with taking on additional shares and selling call against.
$BITO Bitcoin ETF – Cup with Handle Formation?AMEX:BITO is a in a massive Cup w/Handle Formation. I was just going through weekly charts in sector ETFs, and this just popped right out to me. I do not have much to say about this except that these types of formations often lead to upside breakouts. Having said that I have an alert set on the upp
Opened (IRA): BITO July 19th 24 Short Put... for a 1.44 credit.
Comments: High IV at 59.6%.
Looking to pick up shares at or below my covered call's current break even of 27.10.
Metrics:
Buying Power Effect/Break Even: 22.56
Max Profit: 1.44 ($144)
ROC at Max: 6.38%
ROC at 50% Max: 3.19%
See all ideas
Displays a symbol's price movements over previous years to identify recurring trends.