This is a simple message.
At the current moment. The loudest bears are still net long. Sure you can have a hedge. But everyone is still got their $$ in the pot.
Also remember it only takes a weak bid and a small amount of selling to get a party started.
Big boys need a reason to buy when the market is down. They don't have that at the moment.
Just because something goes down 99%, dose not mean it can't go down 99% tomorrow.