BAND (USD) is currently playing out a descending triangle, which is a bearish continuation chart pattern. (Source: https://www.centralcharts.com/en/gm/1-learn/7-technical-analysis/27-chart-patterns/497-descending-triangle)

The technical target of the breakdown of this descending triangle is circa $1.76.

Within this pattern there is also an inverted cup and handle potentially forming, which is indicative of a bearish reversal. (Source: https://ninjatrader.com/blog/inverted-cup-handle-pattern-bearish-technical-trading-indicator/)

The technical target of this inverted cup and handle, should it form and then price break the neckline, is circa $2.16.

Staying with the cup and handle theme, a review of the weekly BAND chart evidences the text book break down of a conventional bearish reversal pattern on the macro scale. Price has already wicked to test the neckline and rejected, so optimal entries at circa $5.17 may have passed me by. The technical target of circa $1.18 still represents a potential 65% short opportunity from the price at time of writing; so profit taking at targets mentioned earlier, then letting a risk free trade ride out, would be the ideal set-up.

For confluence, the target of the macro C&H pattern is exactly where the macro fib golden pocket sits. The highest vs. lowest targets mentioned represent a drawdown of 90–95% from ATHs for BAND. This range would mirror the traditional bear market bottoms for altcoins.

Not Financial Advice — This information is published as my personal trading diary, for the sole purpose of informing my personal trading decisions.