COIN breakdown confirmed. Is it a negative sign for BTC as well?

Coinbase has confirmed the breakdown of the bullish channel since BTC's rise from 30k$ levels. We should see a retest of 250$ ish levels before going down again if I'm right. Since COIN is highly correlated to movements in BTC, is it a sign of upcoming downside in BTC too ?

Disclaimer : This is not a financial advice. I'm just sharing these charts for educational purposes. I do not have any positions in the assets discussed above yet.

Trade stängt: målet nått:

The Target was reached around 220 $ before the new rebound