Have fun trading against the house, you're right that it should come down, but you cannot win vs those who control most supply and unlimited magic money, they can manipulate it upwards to 7.6, 8.3, 10k, 12k, 20k, 100k, 1 million, like they did in '13-'14 and '17 WITHOUT any retrace before coming down after destroying you, so you should not even use high leverage at all, pref lower than 1:1 if you're short and buy spot.
As long as people are bearish, this shit will be forced to go up without any retracement to steal your money, that's what they do.
EVERYONE with a brain sees the manipulation, even outsiders. Only those that claim are not are lying to you, maybe no brain or are shills (yes, many people post contrary posts on tv and twitter of what they do themselves, because they understand the game).
Now the question is, how to play the manipulation to profit from it. It's beyond TA, that should be obvious.
I have no doubt in my mind the exchanges share open books and positions of traders, so you better have 2 accounts and play long on one and short on the other if you have decent size or better yet, stay away from tether and have some orders at fiat exchanges such as gdax or kraken if you want to buy bitcoin on the exchange.
This free market is what you wanted right? I see most of those proponents and defenders of manipulators lost tons of money, cried about manipulators for months (despite defending them before) and now are totally gone from the scene.
Now they are shilling for decentralized exchanges, so the manipulation will continue there and run even longer, amazing the intelligence of those people. Don't get me wrong, I'm 100% for decentralization over centralization, questions are: a) who runs/controls it you take services from, b) can you set it up yourself to improve it and c) can you handle it? Just because centralization can be bad, doesn't mean decentralization is good. I partially blame that twisted thinking from the public educational system.
The question is not if tether is backed or not, but who buys it and how did they derive their money to buy it from. I wouldn't be surprised if the buyer is linked to the same group and comes from liquidating shitcoins or even black money and the biggest law to break is to not pay taxes, so how do you think this will end up in a world that goes one day will be controlled by a one world government.
Jump the titanic or cry later.
Good luck.