We have several points of confluence for a short from here.
1. BTC, the crypto market leader, has hit a long-term resistance trendline. (Note that ETH has not hit the same trendline on its own chart, but I have other reasons to believe ETH will still drop heavily here from the 1750s price point.)
2. BTC is showing signs of a large hidden bearish divergence on all big time frames (4h, 2h, 1h) between the last major highs that touched the trendlines.
3. If we zoom into BTC and ETH's micro timeframes (15min, 5min, 1min) on their most recent cup & handle (specifically the handle 26500-26600 BTC and 1730-1750 ETH) formation, there were:
- 3a. Very few divergences on the previous level before this rise
- 3b. Many divergences on this recent rise
- 3c. The rising candles to the last level were very fast and few (low volume), signifying the whales' desires to pump the price as high as they can without being sold into, so that they can sell themselves.
4. This high is timed almost exactly with the general market (SPY). And SPY and everything else showing bearish signals as well in my opinion.
I have sold almost everything here, waiting for either 1. a large flash crash and/or 2. a lengthy time of selling. I would not catch any falling knives here, because we're at risk of breaking through any levels of support.