Hi friends! As we can see the volume indicator shows us that lots of coins have sold by big players during the last few pumps.
Now the price forming the falling wedge which is the bullish pattern. But why short is possible in this case: 1. growing dominance of BTC. Altcoins looks very weak. 2. huge resistance at the $7.4-8 value area. 3. possible false breakout or pump the same as we see previously with volume bars growth. It shows us the sellers presure.
The target for downtrend movement will be at least the $6 key level.
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P.S. Personally, I open an entry if the price shows it according to my strategy. Always do your analysis before making a trade.