The announcement whether they delay or denny the current ETF´s, have to be released in a period of 24-48 hours maximum, and the deadline for the price leaving the triangle is depending on that decision. In my opinion we won´t see an approved until end of December or May-June next year. But if we are extremely lucky and the SEC comes with positive news, leaving the triangle with such power, could most probably anticipate the end of the season, and the beginning of a new era for the crypto space.
However and despite the good news we can hear everyday about the adoption of Bitcoin and blockchains technologies, there is much more involve. First of all the technical prevails before the fundamental, and a symmetrical triangle in a use to have a very bad end. Secondly, chances that the SEC comes with an open mind regarding the new licenses for the ETF´s just now, are small.
Being perms-bull like many others here helps the whales to liquidate longs, to have more followers here on Trading View and to give hope for holders. But hope is not a good indicator for this business, just a realistic based on solid arguments can help us to understand what is going on behind the scenes, and what have the best chances of becoming real.
With all this being said, I´m seeing the bulls pushing the price up to around 6700, and a probably hard short back to the base of the triangle around 6330 with a high probability of breaking down the triangle looking the last yearly low at 5.8k, but that´s depend pretty much on the SEC decision.
My vision continue being close to the bears, however having some approves from the SEC and breaking out around $7500, will change my mind for sure.