A string of bearish candles presses down one after another. The price is breathing just under the moving averages—on the four-hour chart, hardly any of the candles are showing a proper rebound. Yet people still pile positions into this market. The perpetual holdings volume is actually being pushed higher and higher. The bulls aren’t really bullish—they’re trapped and unwilling to admit it. The thicker the positions they build, the more people there are queued up later to get cut. Spot buying is thin and scattered; you don’t even see the shadows of big orders. The small advantage of active buy volume can’t even make a splash. This price action leaves me itching to act—but I’m not trying to catch a bottom. I just want to see how long this group that’s still holding the bag can stand it. If the direction stays downward and the capital keeps filling the hole, then we’ll wait and see who breaks first.