Based on general sentiment of market and blockchain technologies finding difficulty to "stick" to real world applications. Coupled with energy around the world becoming more cost-affordable and anti-globalism sentiments still reverberating throughout various governments, I think the environment for a global, decentralized market will take longer to develop.
Looks similar to last years "April" bubble yet more defined and less frantic due to higher liquidity and market cap. Every fib retracement takes twice the length. Notice the "flash crash" where longs get squeezed with a quick recovery triggering a massive "repositioning" to fuel the next bubble.
