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BITU Hits $34.62 Resistance

Written By: ChartChamp

November 6, 2024

BITU is a 2x leveraged ETF that tracks Bitcoin’s price action. I would keep an eye on Bitcoin’s chart and make trading decisions based on the Bitcoin chart. On the BITU chart there is a rising yellow channel forming and BITU is trading near the upper range of this channel. BTC has experienced a strong rally yesterday and BITU has spiked up to a $34.62 resistance level. I would keep an eye on BTC at all time highs, if BTC continues to rally then BITU can continue to rally to $39.09. It is important to note that BITU is designed more for trading, not long term investing. BTC is at new all time highs but BITU is not at all time highs yet. This is because the ETFs don’t stay correlated to the price movement in the long term.

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