There are nearly 21k BTCUSD shorts on Bitfinex, ample in size to produce a large push into the 1200's.
Also of note is the difference in cost to hold longs vs shorts with long margin rates very attractive at these levels with shorts not so much.
The most notable level to watch this unfold is price over-taking the boxed area in the chart between 1030/1050.
If and when this level gives price should bounce off of 1080/1090 back to 1050 and only on confirmation of 1050 becoming support will this trigger a move into 1200.
I am long from 950/960 as per my last chart and will only close my longs if 1030/1050 build a reversal pattern and is unable to overtake these levels on .
Again the larger push is triggered on a break above 1050 and then this price level seeing support.
If we see a pullback here 1020 needs to hold for more up very important level or a large break higher on volume will suffice.
The upper box look to be defended by the remaining bears bottom box hold for more up.
From a risk reward perspective there will be new participants looking to short below but as close to the top level as possible and also shorts already open looking to add and defend these levels to average down their positions or simply defend their stops.
Either way resistance will pile in before the top so taking 1050 and holding it shows the bears lack the muscle to defend and the bulls will in all likelihood overtake the high.
Wait ans see mode here could go either way.
Still holding 50% from 950/960
1130 shouldn't see too many issue but never the less could chop around this level for awhile.
I have cashed out 3/4 of my trade with the last 1/4 saved for 1175.
Nailed 5 back to back successful Bitcoin charts been a good run take care.
Hope this clarifies.
If you're in from a good price I would absolutely be booking some profits on the way up, we have 1130 first resistance then 1170/1180.
If we get a blowout rally then I can't see this going higher than say 1290's it's very difficult to call an absolute top right now but 1200/1230 is still very much on the table but keep a close watch on 1170/1180 big area.