Yesterday I gave you the whole global BTC market overview and said that the Bitcoin now is in the decisive moment. $45-46k level breakout may bring the price to $52k, but the bear market is not over in every case. There are a lot of shorts on the Binance which is good sign for bulls, but I found that the longs or shorts excess is not the obligatory condition for the movement to the opposite side. For example there were 70% of long positions on the Binance exchange at the 14-th March 2022 and we saw the pump after that.
What we can see now? The price reached the final Fibonacci target for the last local upside impulse and formed the selling pressure candle at the very top. The BTC price is also forming the rising wedge which is going to be broken. But such wedges have the higher probability to be broken to the downside. What do I expect next. I suppose that the short traders need to be liquidated. That’s why another one higher high is probable. If it happens the bearish divergence is going to be formed with MACD, which is the strong short signal on the uptrend. There is also the chance that we will see the dump from the current price because of weak bearish divergence which we have already have.