BTCUSD ShortsUpdated BTC/USD - Short squeeze imminent?
This chart of short positions on Bitfinex shows a cup and handle formation (a bullish continuation pattern) and RSI close to overbought. So, short positions are building up towards their recent top around 12th April, which at that time prompted a huge short squeeze. I think that current price action in BTC is a bear trap and that we may see another another short squeeze very soon, possible this weekend or very soon after. Good luck with your trading.
Trade closed: stop reached
The cup and handle formation hasn't confirmed its uptrend. Shorts are cautious, so no big squeeze expected really.
It is all Fibonacci.
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It is all Fibonacci.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.