The Constantinople hard fork of Ethereum on Jan 16th may disrupt this - or maybe this is the last drop before that.
Overall the market is still and shorting is the safest move currently.
Thought: ETH Constantinople update news could actually cause sharp sell offs if people have been accumulating, new buyers may panic sell before Jan 16th after it goes down by say $5-$10.
Reasons: Repeated failure to break above 0.786, volume lowering for 4 days, downtrend, bear market + my TA matches.
But the overall pattern of both subwaves displayed above is still descending with lower highs, we could simply be in a decending triangle.