TOTAL CRYPTO CAP: This Bearish Pattern Continues!Crypto Total Market Cap, $CRYPTOCAP:TOTALVincePrinceHello There, welcome to my new analysis about the TOTAL CRYPTOCURRENCY MARKET CAP. I am analyzing the daily timeframe perspective. This index shows all the cryptocurrency price movements combined in only one single price movement index. In recent times heavy selling pressure has hit the whole market. Many whales dumped their shares into the market. Since the beginning of this selling pressure, the market has dropped over -45%. The market has lost over $1.94 billion since the heavy selling pressure began. When looking at my chart, we can see there that the index is trading within this sustained and prolonged descending channel formation. This is a crucial bearish continuation formation. It is more likely that this channel prints new lows after another before a reversal into the other direction can even be possible. Right now the price is already testing the upper descending resistance channel, which serves as a major resistance. A pullback from this area is highly likely, as this is just a very strong resistance area. Furthermore, the index has major resistance levels within the 100-MA marked in red in my chart. This moving average also corresponds heavily with the bearish descending resistance channel, therefore building a bearish confluence area. In the next times, a bearish pullback from this area towards the downside is highly likely. Once the price pulls back below the next bearish continuation wedge formation as marked in my chart, it will set up the next bearish wave towards the downside. In this manner, thank you for watching! What do you think about the index? Let us know in the comments! VP