BITO, a Proshares ETF strategy for Bitcoin futures, has filled the gap created on the daily chart at around $40. I'm interested in taking a position in this instrument but had my doubts when I saw the bearish engulfing candle on the daily created back on 11/10/21.
The crypto bulls really don't like BITO because the fund doesn't hold any actual Bitcoin, but rather values on the future price movements of Bitcoin. BTC/USD seems to be on a fairly strong uptrend, but as we all know BTC can turn on a dime.
BITO has good daily volume (over 9 millions shares daily). If it can clear $44.28 and hold, I will look to go long.
The crypto bulls really don't like BITO because the fund doesn't hold any actual Bitcoin, but rather values on the future price movements of Bitcoin. BTC/USD seems to be on a fairly strong uptrend, but as we all know BTC can turn on a dime.
BITO has good daily volume (over 9 millions shares daily). If it can clear $44.28 and hold, I will look to go long.