The cryptocurrency market started the new week with a decline. The continuation of the downward movement in both Bitcoin and altcoins seems likely. Upon examining the charts from a technical perspective, we can see formations resembling bearish patterns emerging. Among these formations, one of the most common is the "Descending Triangle Formation," known in technical analysis. You can see an example of a descending triangle formation in the chart below.
In the chart below, you can observe the daily price movements of Ethereum. Ethereum has been within a downward trend for some time now. The green line area below the descending trendline, marked by the yellow line, is seen as the support level of the descending triangle formation. In this formation, after breaking this support structure, a sharp downward candlestick pattern could typically follow. This could signify a further decline in cryptocurrencies and Ethereum-based technologies for a while. It's advisable to proceed with caution. Do Your Own Research (DYOR).
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