The spot order book’s ratio of actively selling volume to buying is several times higher—this isn’t because nobody’s taking it, it’s because there are too many sellers. Over in the contracts too: aggressive sell orders are pinning down the buy orders, and the price is slipping downward alongside the moving averages all the way, a slow grind with no meaningful rebound even over a four-hour stretch. Meanwhile, open interest is actually building up at this level—do you think that means the bulls are holding the line? No, that’s the shorts adding to their positions, waiting to cast the net. Even when price drops near the previous low, they’re still propping it up—just to show you that support. By the time these would-be buyers realize they’re standing at the doorway, the door will already be closed.