Things have seemingly slowed down in this BTCUSD rally. Market is relatively overbought and is overdue for a correction. Over here we see a head and shoulders has developed on the hourly chart over the 1210 support level. We may see a breakdown to test older support levels in the coming future. If you are planning to short this, I suggest you put tight stops just over the old high ($1230 USD) to protect yourself against any possible short squeeze attempts by bigger players, as we witnessed with the earlier rapid $1210 breakthrough a couple of days ago.
Trade closed: stop reached:
Short squeeze, pattern invalidated. Will look for entry when more certain indicators of a reversal are in place.