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.