I covered my first short @ 7746 from 8053 seeing last night's rapid ascent. It seems bulls insist on thinking the etf approval will occur soon but it doesn't make sense, sentiment and technicals imply we will go lower/sideways, and most likely retest 6400 at some point between July or August.
We can't move too far above that level, logically. Odds of not retesting 6400 are slim. It would end up breaking the long term patterns that the bull market depends on which would be weird.
It appears traders bought in advance if tomorrow's TV appearance by Barry Silbert on TV, and / or betting on ETF approval odds increasing due to crypto mom talking her usual talk at a conference (again). I don't think things changed enough to warrant more upside and sentiment is too elevated, so we will go back down. There's a lot of time between now and July-August, so, a slow grind decline with a lot of whipsaws is the way it'll be.
Patience and HODL cash, or be nimble to fade rallies and take profits quickly on dips... I'm in cash for now. No rush to buy, we will get a chance to buy at 6480 or lower.