BTC is consolidating inside this triangle. The decision time for bitcoin is closer... Anyway, I caught the short at $47k and currently holding!
Larger investors on Bitfinex have accumulated a huge short. Short positions increased by 296%. Major Events Next Week: - Fed´s decision on interest rates - El Salvador to issue 1 billion dollar Bitcoin bond.
BTC is currently overbought and needs a pullback to retest $41K-$42k for much stronger upward move ahead. You could also view through the CME gap around the $42k which we expect to fill before the weekly closing(Friday). At this point I will be opening a short position around the 44k-45k targeting the CME gap around 42K.
BTC is about to break the trend line. We can expect $57.3 and $53k.