Until you accept that perps and their dominant vendors (the composite man) control the markets until regulated you will suffer from narrative and cascade depression. All moves correct 50% on all timeframes to liquidate over-leveraged gamblers. This is the liquidity used to appreciate the spot market. I worked for an exchange I know how it works. How to trade it: set your limit traps below or above the over-leveraged and wait. The price will come there. This varies per regime. No red survives. (100x+) Yellows get flushed often (once a month) (50-100x) Blues get flushed eventually (once every 3 months) 25-50x Teal 10x and lower to 5x get nuked on 10/10 type manipulations once a cycle regime. Once you accept this it all becomes easier.