Shorts continued to accumulate even after BTC tested yearly support. The Volume Profile since August 4th (which is the date shorts really began to pick up) shows the best picture. There is a massive gap from 6600 to 7000, if 6600 is broken on strong buying volume we will see a short squeeze that will quickly engulf stops. For this to be a successful short squeeze BTC needs to stay above 6300. Be very careful shorting the highs below 6600.
Trade closed: target reached:
7000 target achieved.