The famous Wyckoff distribution seems to be in play once again. There's no demand in the upper reaches of current levels, only plenty of supply.
Comment
⋅
To support that this is a distribution just look at the series of divergences on the AO. All the small runs have been losing momentum and we're probably going to see an increase of momentum in the opposite direction soon.
Comment
⋅
Very easy to see the similarity of this structure to the recent ATHs of BTC on ETH now.