BTC channels are shifting

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

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Here is the BTCUSDSHORTS chart I wrote about.

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

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and please like to show your support. Thank you!

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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.

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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 -