BTCZ Crosses Critical Technical Indicator
In trading on Thursday, shares of the T-Rex 2X Inverse Bitcoin Daily Target ETF (Symbol: BTCZ) entered into oversold territory, changing hands as low as $4.095 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In the case of T-Rex 2X Inverse Bitcoin Daily Target, the RSI reading has hit 25.8 — by comparison, the RSI reading for the S&P 500 is currently 51.6. A bullish investor could look at BTCZ's 25.8 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), BTCZ's low point in its 52 week range is $2.30 per share, with $7.34 as the 52 week high point — that compares with a last trade of $4.13. T-Rex 2X Inverse Bitcoin Daily Target shares are currently trading off about 12.5% on the day.
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