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 ... .
BITO trade ideas
Bit-Coin Fund $BITO is trying to end a long correctionThe Bit-Coin Fund AMEX:BITO is trying to end a long correction.
First Higher Low Since April 1st, 2024After an "yearful" of lower lows, we finally have a higher low.
Support zone: 16.02-17.52
Hello, traders.
If you "Follow", you can always get new information quickly.
Please click "Boost" as well.
Have a nice day today.
-------------------------------------
(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 receive support near or above 16.02 and rise above 19.50.
It seems that StochRSI will enter the oversold zone and the slope will change.
Accordingly, the area around 16.02 is expected to be an important support and resistance zone.
-
(1W chart)
The point where the BW indicator of the 1W chart forms a horizontal line from the lowest point (0) is around 19.50.
Therefore, I think that it is likely to turn into an uptrend if it rises above 19.50 and is supported.
Since the M-Signal of the 1W and 1M charts is passing above 19.50, I think it supports the fact that it is an important point.
-
(1D chart)
The BW line of the 1D chart is created at the 19.13 point.
Therefore, the key is whether it can be supported near 17.52, the HA-Low indicator point of the 1D chart, and rise above 19.50.
If not, you should check if it can be supported around 16.02.
If it shows support in the HA-Low (16.02) of the 1M chart ~ HA-Low (17.52) of the 1D chart, it is a time to buy.
The reason is that the HA-Low indicator has been created, which means that a low point has been formed.
-
If it falls below 16.02, it is expected to rise around 13.79 or higher.
-
Based on the current price position,
- In order to turn into a short-term uptrend, it must rise above 19.50,
- In order to turn into a medium- to long-term uptrend, it is expected to rise above 25.19.
- In order for a full-fledged uptrend to begin, the price must rise above the HA-High indicators of the 1D, 1W, and 1M charts and maintain the price.
Currently, the HA-High indicator of the 1D chart is created at 32.12.
-
Have a nice time.
Thank you.
--------------------------------------------------
- Big picture
It is expected that the real uptrend will start after rising above 29K.
The area expected to be touched in the next bull market is 81K-95K.
#BTCUSD 12M
1st: 44234.54
2nd: 61383.23
3rd: 89126.41
101875.70-106275.10 (overshooting)
4th: 134018.28
151166.97-157451.83 (overshooting)
5th: 178910.15
These are the points where resistance is likely to be encountered in the future. We need to see if we can break through these points.
We need to see the movement when we touch this section because I think we can create a new trend in the overshooting section.
#BTCUSD 1M
If the major uptrend continues until 2025, it is expected to start by creating a pull back pattern after rising to around 57014.33.
1st: 43833.05
2nd: 32992.55
-----------------
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 between AMEX:BITO (lower) and Bitcoin (higher)
PLUS i like BITO for the the high dividend its currently paying. Now beware that the dividend yield may change and i personally would NOT treat this as a long term passive income play but during the time being of the swing i like the ability to earn some passive income. I'm taking this with a light position.
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% max/roll out at 21 DTE if it hasn't hit the TP by then.
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 upper downtrend line. Should that trigger, I will go to a lower timeframe chart to look for a low-risk entry where I can define my risk. Hope this helps.
The chart I am using is the All-In-One LevelUp tool available here on TV. Check it out.
Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.
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%
Opening (IRA): BITO July 19th 30 Covered Call... for a 26.12 debit.
Comments: Re-upping after closing out my longer-dated covered call (which I had rolled all the way out to December).
Selling the -30 delta call against long stock here. As before, will look to roll out the short call for duration at 50% max, collect the monthly dividend along the way ... . I'll also look at selling short put, assuming I can get in on weakness and with a resulting break even better than what I currently have on.
$BITO LongAMEX:BITO is ready to continue to work towards the VWAP at 29.04. The MACD has crossed and the time frame continuity is strong. If it can breakthrough the VWAP of 29.04, it can make it's way into 31. The stop loss that is in place is at the 25.78 area. Bitcoin has been strong along with gold and silver making new highs. So, this one should continue to track alongside them.
Opened (IRA): BITO April 19th 31 Covered Call... for a 27.54 debit.
Comments: High IVR/IV at 97.9/81.9% and a monthly dividend to take advantage of. However, the monthly dividend has varied widely -- with the last two distributions paying .36 (February 8th) and .73 (March 8th) with an annual dividend of 8.72 (.73 average monthly) (31.7% annualized as a function of current price).
I'm primarily looking to grab the April monthly here; anything additional above my break even will be gravy ... .
In any event, the metrics:
BPE/Break Even/Cost Basis in Shares: 27.54
Max Profit (ex. dividend): 3.46 ($346)
ROC at Max: 12.56%
Opening (IRA): BITO June 21st 24 Short Put... for a 1.82 credit.
Comments: Adding a short put on weakness here to my covered call, which I'm sticking in with to grab the monthly divvy.
I'm okay with being assigned additional shares, since the break even of the June 24 is below the cost basis of what I currently have on. Otherwise, I'm perfectly fine with doing my usual take profit at 50% of max.
Metrics:
Buying Power Effect/Break Even: 22.18
Max Profit: 1.82 ($182)
ROC as a Function of Buying Power Effect: 8.21%
ROC at 50% Max: 4.10%
clear oversold market structure bitcointhe network has provided a ver liquid structure to the downside. now that is contracting, i believe we will revisit the sell heavy area as a contraction of the bear move according to this market structure POC VAL.
BITO @ $39 Jun '24I feel increasingly isolated among the growing crowd of bears but I believe BITO has formed a textbook flag pattern. My argument:
Following a sharp move upward, beginning 3/14 (6 weeks from the time this was published), price has declined in 3 drives forming a clear channel but didn't break the 50% retracement level while volume has steadily declined during the formation of the flag. If I'm correct, a movement similar to the one that makes the flagpole would put the price right at the .382 level which I believe further supports my argument.
Full disclosure: this is all based strictly on technical analysis and I have limited experience in dealing with crypto or it's derivatives so there could be something I'm missing. It's entirely plausible that I'm completely wrong but I'd appreciate any feedback from the community
Opened (IRA): BITO May 17th 24 Short Put... for a 1.74 credit.
Comments: Adding a rung at strikes better than what I currently have on. Will generally look to take profit at 50% max or take assignment of shares should that occur and proceed to sell call against.
Metrics:
Buying Power Effect/Break Even/Cost Basis in Shares (If Assigned): 22.26
Max Profit: 1.74 ($174)
ROC %-age at Max: 7.82%
ROC %-age at 50% Max: 3.91%
Top of channel POC magnet buyThese algorithms say this price action is a buy, and are indicating pressure towards the top of the daily trennd channel. this fund is oversold, and in pullback from a bullish overall trend where it has consolidated above fair valu gap and equillibrium.
AI is good at trading crypto, and if the computer is buying itself, then im buying the computer
AMEX:BITO
CME:BTC1!
BITCOIN ETF (BITO) LONGWe should hold this support here and continue our trend for long, reaching around $36+ as targets.
Opening (IRA): BITO April 19th 26 Short Put... for a 1.23 credit.
Comments: Adding to my covered call position (See Post Below) on weakness, converting the covered call into a covered strangle (i.e., short put + stock + short call). I went with April, since May appeared to be shit illiquid at where I'd want to pitch my tent.
I'm fine with being assigned additional stock here at the 26 strike, since my cost basis in my shares is currently 27.54, with the cost basis in any shares assigned via the 26 at 24.77, although my preference would be just to take profit on the covered call aspect at 50% max and the short put at 50% max and move on.
Naturally, if I also manage to grab the April dividend, that would be additionally bueno.
As a standalone trade:
Break Even/Buying Power Effect/Cost Basis in Any Assigned Shares: 24.77
Max Profit: 1.23 ($123)
ROC at Max: 4.97%
ROC at 50% Max: 2.48%
BITOWell to me BITO very overbought and due for a correction. Be interesting to see then what happens going into BitCoin halving in April.
a BITO carried away!31 days over the 9 day MA of lows. At a 3+ containment ratio, I'd look for a decent short on that containment MA failure.
