There are a lot of signals flashing that indicate Bitcoin is likely to see a significant rally soon. Because of this I want to take a look at some related crypto ETFs that could also experience significant rallies. For this post I will be focusing on BITU, ProShares Ultra 2x Leveraged Bitcoin ETF, which aims to offer 2x the daily performance of Bitcoin.
Other ETFs such as ProShares Ultra ETH 2x ETF (ETHT) is also worth mentioning, but since most of the market structure looks similar across crypto related leveraged ETFs, I will be focusing solely on BITU for this post.
For my supporting analysis on Bitcoin, view these ideas:
Now let's dive into how BITU's market structure looks. Of course it is very similar to Bitcoin since it is designed to mirror Bitcoin's daily performance, but the structure developing here is compelling in its own right.
First, BITU has a daily bullish divergence with two perfect bounces from oversold conditions forming the bottom.
The next thing to note is the volume spikes (orange circles). This ETF has consistently seen significant volume spikes whenever major lows have formed. Right now I am seeing volume increase once again, and it should continue to pick up as the broader market rises and ETFs like IBIT begin to see renewed inflows.
The last signal worth pointing out is the 3D doji that printed right at the low. The RSI on the 3D chart is another significant indicator worth watching, as it is also signaling that a major reversal back to the upside is likely.
Finally, leveraged ETFs like BITU should be complemented by IBIT's own structure. IBIT appears to have formed a low, as I outlined in a previous idea. If that holds true, inflows should begin returning to the fund and provide additional fuel to boost the leveraged ETFs like BITU alongside it. You can view that idea here:
Other ETFs such as ProShares Ultra ETH 2x ETF (ETHT) is also worth mentioning, but since most of the market structure looks similar across crypto related leveraged ETFs, I will be focusing solely on BITU for this post.
For my supporting analysis on Bitcoin, view these ideas:
Now let's dive into how BITU's market structure looks. Of course it is very similar to Bitcoin since it is designed to mirror Bitcoin's daily performance, but the structure developing here is compelling in its own right.
First, BITU has a daily bullish divergence with two perfect bounces from oversold conditions forming the bottom.
The next thing to note is the volume spikes (orange circles). This ETF has consistently seen significant volume spikes whenever major lows have formed. Right now I am seeing volume increase once again, and it should continue to pick up as the broader market rises and ETFs like IBIT begin to see renewed inflows.
The last signal worth pointing out is the 3D doji that printed right at the low. The RSI on the 3D chart is another significant indicator worth watching, as it is also signaling that a major reversal back to the upside is likely.
Finally, leveraged ETFs like BITU should be complemented by IBIT's own structure. IBIT appears to have formed a low, as I outlined in a previous idea. If that holds true, inflows should begin returning to the fund and provide additional fuel to boost the leveraged ETFs like BITU alongside it. You can view that idea here:
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.