1) We are in a strong downtrending channel, and are currently near the top of it.
2) A large potential pattern is forming.
3) The market maker sell model is in full swing.
4) The hype train has been going at full speed these last few weeks: GBTC live, Circle / GS investment, Coinbase in the UK, Alphapoint exchange upgrade etc. With headlines like these behind us, upward momentum could fizzle out.
I have started building a short position in the high $230s, and am looking to add more if we get closer to $240.