BITO - BITO: Bitcoin ETF May Be Breaking Down At Critical Price Point (Technical Analysis)

2024-06-17 08:00:00 ET

Summary

• My chart analysis indicates an increasing probability that bitcoin and thus the BITO ETF, will break down and head lower, following a period of tightening volatility.
• I am indifferent about the bitcoin debate, and I see the long-term potential of blockchain technology. But my focus as an investor: make money, don't lose big.
• I use ETFs like BITO and BITI to try to make money over different time frames, using my 44 years of risk management via technical analysis to make investment decisions.

People love bitcoin...or they really dislike it. Few are in between. I am one of the in-betweens. While I see massive potential in the blockchain, as many investors do, I still fail to see cryptocurrencies as a long-term buy and hold asset. That doesn't mean bitcoin won't skyrocket in price at some point, and I would not be the least bit shocked to see it plunge to and through its depths of the past several years....

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