$BITO Bitcoin ETF – Cup with Handle Formation?

2 thg 6

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.

25 thg 6

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BITO - Looks like my original idea did not pan out. Despite that, I have taken a 1/3 sized position on what may be an undercut and rally play (U&R). The risk reward here is great as my stop goes under the low that was undercut so I am only risking about 50 cents on the trade. Let's see how this works out.