Prices are still accelerating downward, sliding along the lower edge of the medium- and short-term moving averages—yet the bulls keep adding positions. This isn’t value buying; it’s using your face to catch a falling knife. The aggressive buy-side order looks scarier than the sell-side, but the bid size is only a little thicker than the ask. This kind of buying can’t even be propped up—at best, it offers an easy exit price for those who want to run. Open interest keeps rising while price refuses to acknowledge it; positions that keep piling up and getting more and more unprofitable will eventually be cut, and when that happens, there will be another round of panic selling. I’m on the short side now; I’m not overthinking it. This market still needs to look for support further down.