In the case of ProShares Bitcoin Strategy, the RSI reading has hit 29.99 — by comparison, the RSI reading for the S&P 500 is currently 53.2. A bullish investor could look at BITO’s 29.99 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), BITO’s low point in its 52 week range is $8.61 per share, with $23.63 as the 52 week high point — that compares with a last trade of $9.59. ProShares Bitcoin Strategy shares are currently trading down about 1.8% on the day.
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