So far only an initial reaction to Binance getting hacked for $40 Million. Bulls did not even lose the 4 hour uptrend on the bearish reaction. This speaks considerable amounts as to the resilient strength of the bulls in this market. We are looking for a 4 hour lower high to be set on this bounce, and for a tightening range to form most of the day. A bear break would likely put the daily uptrend at risk as well. A bull break would have us looking back to $6,000. At this point we are still scouting for the 4 hour lower high to be set, which is not convincing..
The ratio of BTCUSD shorts vs longs on Bitfinex has hit 1.7 ... it has never been this high from 2017 until now (previous peak was 1.5) When it was 1.2, there was a short squeeze that moved the price +$1000 in one hour.
We could see a short squeeze again.