As we can see, printed on recently so we should expect price to head up rather than down. But this is a short TF, so I will be watching for confirmation in the form of price moving above the descending wedge's resistance. This will also take price above the 21 and back above the S1 . A close above the at $8115 is and would have price above the HVN once again. Overall, price has just continued to consolidate around the monthly denoted by the green horizontal line while printing higher lows and highs.
Many people have asked about the huge drop in Bitfinex shorts but lack of on the exchange. The most likely answer is that the individual settled their position, or "claimed" it as it is known on Bitfinex (https://support.bitfinex.com/hc/en-us/ar...). From the FAQ: ....Claiming a position is essentially converting from a margin trade into an exchange trade; closing the position by buying it yourself and settling your funding costs to the lender. Because of this, there is no trade activity on the order book. Claiming your position does not involve trading." This is a signal to me as it suggests that the individual is looking for price to go higher, so I am expecting another move to the upside.
A close above the that appears to be printing would create a target of ~$9240 based on the height of the triangle. This gets price to my original target which is a good sign. However, if price does reach this point that doesn't mean it has to stop there, just that it is the target based on this pattern. Taking the height of the possible flagpole leading up to it would give us a target of ~$9900. This looks more possible based on Binance's BTC/USDT, for example, because it appears that a symmetrical triangle/pennant is printing there, so it's good to keep in mind. Either way, it's never a bad thing to lock in profit, especially in volatile areas like we are now. As an aside, the drop overnight has found support so far on the 4H 21 and R1 . This, again, would suggest that price is headed higher rather than lower for now. As always, risk management and confirmations should be strongly adhered to if traders intend to enter, whether long or short.
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