Finex Shorts To Form Descending Wedge?

Well, this is interesting, I have question for all you pros out there is it reasonable to apply traditional Technical Analysis to something like longs and shorts? I don't know personally but IF it is then it seems that finex shorts are forming a descending wedge while being squeezed into a tighter and tighter range. If this is true we could see one more leg down for shorts before exploding upward to new ATH ....will be interesting to see..If shorts explode will price go up or down? Thank you for reading and please let me know your opinion below!
Comment: Shorts still climbing...I would expect a pull back soon but maybe an early breakout? Not sure
Comment: did'nt seem to work out lol
Very interesting.

*non-pro disclaimer*
I think this wouldn't work for the most part, but some stuff could still be used with modifications.

With traditional price action, we have the technical and emotional sentiment of 2 different opposing groups - bulls/bears. Whereas, with this shorts chart we're just looking at bears' sentiment, be them lifetime or seasonal.
And these charts don't include volume by BTC, but rather volume by total number of orders, right? I might be wrong there.

Patterns like triangles, diamonds, etc can likely still be used as TA, but with a totally different set of % probabilities than you would find in literature, or like on Bulkowski's write ups.
e.g. every time we have an ascending broadening triangle on the Shorts chart, there's a 60% likelihood of price break-down? totally hypothetical.
H&S wouldn't work, or at least not in any way related to the relative concurrent price action.

Fibonacci probably does apply, but with a global factor applied to all of the lines, since we're only looking at half of the 'traditional' data?
Like try a fib graph or fib fan with these values:

0, 0.118, 0.191, 0.5, 0.809, 0.893, 1
0, 0.368, 0.441, 0.5, 0.559, 0.643, 1
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