Volatility Shares Trust 2x Bitcoin Strategy ETF

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BITX - Double Your BTC Stack

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With the Bitcoin ETF's becoming a reality, there are many new crypto related assets such as BITX provide you exposure to 2x leverage to Bitcoin. This provides traders with opportunities to scale their position, without the risk of liquidation.

Ive been waiting for the market to retrace, and perhaps this drop on BTC touching , with big news ahead for tomorrow during the CPI release may be a recipe for serious volatility in markets. Moreover, the recent launch of the asia BTC related ETF's released in Hong Kong will provide millions of people with access to Bitcoin exposure.

My main thoughts for this trade will stem more from the technical analysis on Bitcoin which I will link in a separate idea. However, for me personally the weekly time frame trend is still upwards and I will remain bullish until Bitcoin fails and makes a new lower high pivot.

A long trade may be probable here as we approach some levels of liquidity between 58k and 59k. This may also be viewed as prices ranging $30-$32 on the BITX ETF.

Looking for buyers to regain control here and rotate back to test the previous high at $60. CVD and RSI showing me some divergence, however the RSI has not printed a confirmed bull signal just yet.

Only time will tell..

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Starting to build the long as we drop here

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Low set just below $32

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Next, looking to the $40 level for acceptance back into the zone, or rejection.

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Getting a clear resistance at exactly $41. Nice potential swing failure pattern.

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Interesting...

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0.382 providing us with a probable trend continuation support

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Adding to my position here near the CC zone

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Nice

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Taking some profits at this $39/$40 level and will let 20% ride. I am a bit worried of a potential correction on BTC so I will want to manage my risk accordingly here.

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Very Nice push

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Out of this trade now :)

Will be looking for better entries

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Currently looking at $40 S/R flip as a potential bounce zone. A loss of the level would be quite bearish and I would expect at least another 10% drop.

Taking this level to level. Right now we just need be patient :)

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My trade plan, looking for potential support in the zone below. There is a potential inverse head and shoulders pattern printing.

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Good to be patient and wait for a better entry.

I will consider taking a long trade here at the Range POC on Monday's open if Bitcoin can find support.

If we lose and backtest this price range, then we will likely drop back to $40.

Lets see how NY open will play out.

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Taken a long trade here, it is slightly risky. Break below the POC and I would be out

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Here is the zone I am looking at for the potential short.

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Next support is around $40 again as we have been aware of. I will look to continue this long trade at that price point if BTC can find support.

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Took the trade as we came into the $40 zone

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Here is the backtest of the POC.

Context here is very important. Because we simply dumped without confirming the POC as resistance, we now have many shorts under water as the market has recently squeezed and attempting to reclaim the POC.

Had this price action came back to retest the POC , before it is lost, would be more bearish for me.

In this instance I knew we had some major support levels below, and It is hard to be bearish at support.

A continuation of the POC as support would lead me to believe the probabilities favours higher prices, as buyers will be forced to purchase at higher prices.

Only time will tell

Levels above are marked on my chart

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Bitcoin at a crucial level

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Bigger picture

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Bitcoin showing us some volatility. We are losing the POC on BITX and that would be a bearish sign for me. Ive taken quite a bit of profits on this bounce but it seems like we might be rolling over here.

Looking for this potential setup for a new trade.

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Here is the retest and loss of the POC.

Looking for lower. No trades at the moment, I need more market data.

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Coming back into our buy zones.

I will be adding some shares here, and more if we drop lower.

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Coming into our CC retracement zone. If we don't get a meaningful bounce from this region, then I am okay to take a small loss on the trade and wait for some more data.

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Decided to add a few shares here off the CC retracement. Would be amazing to reclaim the value area low around $40 as a sign of strength.

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Bitcoin at the range Value Area Low. This is a make it or break it zone. If we lose this low, then we will see a big drop on BTC.

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Stopped out on this trade for a bit of a loss. No worries its just part of the game!

But we are rolling over as expected, should have been more patient and trusted my analysis. Will be looking for some new trades down at this price point for a bounce.

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Here is the previous low liquidity taken and closed above our 31.83 low.

This for me is a valid long trade and potential fakeout of a triangle which sometimes happens with BTC price action.

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Ideally looking to retest the resistance as the first TP.

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On the lower time frames

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Now or Never

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Bigger picture, fakeout of the triangle, low level liquidity sweep.

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Nice

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My previous long trade was stopped out at break even, however my short trade printed some nice profit which I will now move back into BITX at the low here.

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Starting to get a bounce

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Looking at the price action as more so of a range, with a recent downtrend measured by the trendline.

I wonder if price will respect the falling wedge, or reverse at the larger resistance zone above marked by the 21 Ema, Range Point of Control, combined with the downward sloping trend line.

A break above should be strong and impulsize to breakout of this consolidation.

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Looking to tomorrow as a potential sell event, we have a big gap that is being filled from the recent massive drop.

Looking for a 10% move up to fill the gap before a move back down below previous lows where liquidity sits.