In my opinion, the indicators short/long ration bitcoin is one of the greatest, because you can actually see where the mentality is shifting and also the buy pressure and sell pressure, in fact it gives you the overall sentiment of the market.
Looking at this indicator in a short time span it is not worth it, what we need to see to know if BTC will be ultra , or is the big picture of this indicator.
As you can see I drew a support in this indicator and whenever the shorts went bellow, based on the 2017 run, there is the final phase of the bull run and then a crash.
In conclusion, we could be in the very final phase of this run, which will lead us to 30k and then I expect a crash as this indicator is a contrarian one, so whenever shorts are low it means that the price should go down because most people lose money in this market.
Neverthless this sudden crash on shorts could be a manipulation to get us in this bull run zone and so more people can short and fuel it to the main resistance draw in the chart, which was support during the bear market.
Im a professional trader in the stock market who has two funds. Follow me if you want more ideas and opinions in the market