The price needs to break out of the handle, to the upside. This hasn't happened yet.
The handle is a triangle. is contracting and that is a good thing. is also dropping off. A big move often follows super low with this pattern.
A move above $9,355 breaks the smallest daily consolidation.
Another entry is a break above the $9,480 (rounded) July 8 swing high.
Stop loss goes below the consolidation. The "roomiest" stop loss is to place it below $8,830. The downside is the reward:risk drops off as well.
This pattern has the potential to run 50%, putting a target near $14,000.
If holding this for the longer-term, the next target is the $19,000 region.
Holding for the big gains isn't required. Getting in and out with smaller reward:risk trades, like 4 or 5:1, is also acceptable. For example, if your risk is 5% (the difference between entry and stop loss), an exit with a 25% profit is 5:1. A solid trade as well.
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