There is a coil pattern forming (descending volume, triangle formation), which is considered a continuation pattern. The past 30 days has been bearish, and I expect this coil to extend the bearish trend. Also, the index has been testing the 23.6% fibb level for the past 2 weeks, and has failed to successfully establish itself in the red range(23.6%-0% retracement). Due to this weakness while retesting the 23.6% level and the coil, I expect a retest of the 38.2% fibb level (66.4bn).
This chart is a market index I created on Tradingview (market cap of BTC ETH LTC and XRP added together).
I don't like publishing bearish ideas, but I tell it how I see it! Tell me what you guys think in the comments!
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Similar formation posted in my previous Idea. A triangle that breaks to the downside.
@adoukas, According to Symmetrical Triangle (long term) , Breakout Direction: (The future direction of the breakout) can only be determined after the break has occurred. Do you think the break has already occurred ? If so, when was it ?