For some reason I’m actually getting more and more excited looking at this. The price has been drifting lower all the way, even struggling to climb back above the 20-day moving average. A single long bearish daily candle wipes out all the gains from the previous day. With positions being reduced on the way down, there are still people holding onto orders. The whale account’s long/short ratio looks quite fierce—its long exposure share has been increased by more than three percentage points. Yet the price isn’t rising, it’s falling instead. This isn’t called accumulation; it’s big capital stuck in losses, unable to save face, so they have to keep adding to their positions just to put on a show. Spot buying volume can’t match even spot selling volume, and the order book is thin as a sheet of paper. This kind of trend is a meat grinder—whoever goes in ends up as the filling. Don’t rush to catch the knife. Just keep letting the short side hold.