The most absurd thing about this board is that the active buy side has squeezed for seven hours and is down to just scraps, yet the price is still stubbornly propped up and refusing to break. Who is this meant to fool? The sell orders on the order book are so thick they could almost be used to build a wall, and the spot depth can’t possibly absorb it at all. On the futures side, the active selling volume has already surpassed the buying volume by quite a lot. Even the longs have effectively given up; all they’re doing now is grinding along with moving averages to look composed. Drag it on like this, and this trend can only end up as a slow, creeping decline. By the time that wall in the spot market truly collapses, those who are still holding will just be stuck up at the highs, serving as a live target for off-market capital.