In the case of ProShares Ultra Bitcoin, the RSI reading has hit 26.5 — by comparison, the RSI reading for the S&P 500 is currently 75.6. A bullish investor could look at BITU's 26.5 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), BITU's low point in its 52 week range is $10.41 per share, with $65.77 as the 52 week high point — that compares with a last trade of $10.90. ProShares Ultra Bitcoin shares are currently trading off about 12.2% on the day.
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Further BITU Research:
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