Bitcoin sentiment and the weekly chart is , however, Bitfinex shorts are rising and have fallen out of and retested a which means we might have a short squeeze from here in the short term and a bounce to retest that as resistance at around $4240.
The larger trendline resistance since $6k is now holding as support and we also have on the 4H indicator (which includes both price and ) so looking for a bounce since is also oversold.
I think btcusd will be testing new lows if we drop from $4240, which coincides with EMA50 as resistance but if we do manage to find support above $4240, I don't think we'll get a close above $4520, which coincides with our EMA100 resistance unless buying returns. You'll notice that buying has been gradually dropping after every spike. We may find support at around $4150 if we do get to $4500 but better to see what happens closer to then.
This is the btcusdshorts I was referring to:
Good luck and happy trading!