If we look at how this pattern has shifted from a , to trying to form a , to now basing out at the gold . This shift along with the massive divergence on and that is forming lead me to believe that we will get a break to the upside. If we zoom out and look at the weekly chart, it appears this could be a massive continuation pattern. The first target after we break out will be to $10,000.
We do need to be mindful that if we do in fact break this 5.7k mark, we could very well have more downside in the cards and the next target before a rebound would be 5-5. 25k at the bottom of the channel here.
I am biased to the upside with what I am seeing at this point. My best guess for a major move to happen will be after the VanEck decision by the SEC this month. I imagine we will have a similar reaction to when the other ETF's got sidelined. Nothing will happen after the annoucement, and then we will move up. There is no reason the SEC would approve the VanEck at this point and it should NOT be a surprise to anyone that it gets delayed. If the market rockets down after that gets denied it will be a clear sign of either manipulation or stupidity. In my view, the only surprise should be if this gets approved. Otherwise, the SEC will kick the approval down the road as long as possible cause that's what they do.
If you are looking for a stop, put it below 6.2k. It might test that support area one last time before breaking out.
Most important thing for me is Direction, this will at least help me get in a trade with some positive expectations and results.
There is more things than pips/coin/or whatever, if you take care of the direction, the rest will look after themselves.