Total Market Cap of all Cryptos is at a key point. This could be a great opportunity to buy or go short, depending on which way the breakout goes.
The chart can be interpreted as a triangle squeezing the price to a pinch point, which is usually followed by a strong breakout. Or it can be viewed as a big head & shoulders pattern, which comprises two smaller heads & shoulders.
It doesn't particularly matter which interpretation you prefer. Either way, the result is the same - a breakout is expected and if it goes upwards then the breakout will be confirmed when the price rises above the small dotted blue line, which was the previous mini-high of the triangle (or final mini-shoulder).
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The price is still coiling tighter and tighter. Trading volume is also getting smaller and smaller, which is what we would usually expect before a big price move.
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And there's the move. Still a bit too early to declare it a decisive downward move (it could of course rebound above the line) but it was nicely short-able at the breakout point.