BTC/USD - Short squeeze imminent?

This chart of short positions on Bitfinex shows a cup and handle formation (a bullish continuation pattern) and RSI close to overbought. So, short positions are building up towards their recent top around 12th April, which at that time prompted a huge short squeeze. I think that current price action in BTC is a bear trap and that we may see another another short squeeze very soon, possible this weekend or very soon after. Good luck with your trading.

Trade closed: stop reached:

The cup and handle formation hasn't confirmed its uptrend. Shorts are cautious, so no big squeeze expected really.