BTC shorts nose diving, price stagnant

BTC shorts covering at a rapid rate and the way it looks as of now, there is a lot more room to go:

I usually don't care for the longs/shorts charts, but it is a tool I use occasionally to see whats going on in between the lines. It shouldn't be your only method for trading BTC by any means. Just want to clear that up before I go any further. For me, this is more of a "what are the masses doing" so I can do the opposite kind of thing. Plus, it does seem to follow the same technical fundamentals, as other traditional assets, seen here breaking down out of a clear rising wedge on the daily. Measured move is has it dropping 56%. Thats a lot of money!

A lot of people were expecting a breakdown out of the descending triangle already, and the fact that it hasn't yet is making the short positions get a bit nervous I feel. The fact that the shorts are covering their positions and the price hasn't moved is a bit of a curveball, but it does show some value.

I did state that in order to break down, we must get rid of the over-leveraged shorts. It never made sense to give everyone a nice handsome pay day. Well, it seems the indecision in the market is correcting just that. Now, it doesn't necessarily mean were going down now. The market is irrational so nothing would surprise me from here on out. What I can say is this: The more shorts that start closing their positions would really be an ideal time to start playing out the bigger picture: the break down out of the descending triangle, which is still very much relevant, when everyone wasn't expecting it.

We can still can go sideways until Decemeber by the looks of when the triangle ends but I'm not sure it will make it that far in my opinion. I do feel a major move is coming within a week. I'm leaning bearish, only because of the long term bearish picture based only on technicals, nothing else. The shorts covering could be the fuel it needed to really light the market on fire. Time will tell in the upcoming days whether the market really wants to stick it to the weak hands closing their shorts a tad too early :)

Hope this helps!
Good Luck!