If you look at our SMA200 resistance on the (SMA1200 on the 4H), you'll see this is around our $6500 resistance which acted like an iron curtain during our extended stay during the $6ks. I think a daily close above the SMA200 should signal the beginning of a strong new uptrend which could potentially set us up for a golden cross between SMA50 and SMA200. If this arch plays out, then the general pattern could fit quite well within a large where resistance is formed by connecting the 15 October swing high to the height of the arch, which gives us an upside target of $15-$16k.
SMA200 on the also coincides with 29 December, the SEC's decision date regarding the Van Eck bitcoin . An approval might just be what we need for a close above the daily SMA200 and since the decision has carried so much weight in the media these past few months, a rejection or deferral to 28 February could be the catalyst for capitulation, in which case the price could reach $1k based on the 168.1 fib extension from the 200 week .
If we do have capitulation, we still have Bakkt bitcoin futures launching on 24 January, Fidelity launching their institutional platform for Bitcoin sometime early next year, and if the SEC decision regarding the Van Eck bitcoin is deferred to 28 February 2019, then this might be the catalyst since it is the very final decision date and the Van Eck apoplication has carried a lot of weight in the media these past few months.
Good luck and happy trading!
**SMA200 meant to be SMA300 on 4H (SMA50 on daily)
**Disclaimer: I acknowledge that this idea is outrageous but you never know..