Shorts high, but H&S still in play.

Aug 23, 2018

BTC shorts are pretty much at an ATH. Regardless, recent price action has been bearish, with a weak "relief" rally after the ETF announcement, as bulls hope this is the end of bad news. The previously describes H&S pattern is still in play, in addition to an equilibrium pattern close to its end. A breakout to the upsidse is likely to only close some shorts, but still leave the H&S valid. A breakout to the downside could trigger a H&S breakout, breaking the support around 6000-5800.