BTC channels are shifting

Aug 16, 2018

If you notice on BTC, the channels are shifting. Before, we had more of a downward channel marked by the purple lines and with this recent push up the channel is shifting upwards. If we go to the recent past we can see a similar shift in action in a smaller channel and over a longer period of time and on shorter time frames. The difference this time is it's doing it much quicker. I believe the reason for this is that BTCUSDSHORTS are at all time highs. We had this occur in April. What happened next in April was a run from $6k to 10k. Also, If we do start moving up from here and not a test lower of 5.2k, this will be extremely bullish as it will be a large double bottom. 10k could very well be in the cards here, not just 8k.

Don't be surprised if we get a pull back from here to 6k and find support before a move up. I think the best trading strategy here is to ladder entries. It appears it's going to move up, it's just a matter of when. Stack your ladders appropriately and happy trading.

-Sherem

Aug 16, 2018

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Here is the BTCUSDSHORTS chart I wrote about.

Aug 16, 2018

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previous analysis about being in a large channel as an FYI -

Aug 16, 2018

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and please like to show your support. Thank you!

Aug 18, 2018

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It's no surprise this is taking it's time to move up, check out that volume profile, lots of action around these levels. Looks like we may get a retest of this 6.1k area here on this low volume weekend. Proshares ETF decision is coming up this week on the 23rd. Expect some volatility on Monday and going forward.

Aug 22, 2018

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Already a moving up, if the SEC decision is positive, we are going to 10k.

We are long from 6.5k. This area should act as support now.

Also a new more thorough thread for those who haven't seen -