Alts have been in a bear trend all of the year so far. Topping mostly on harmonic patterns at the start of the year.
See full post about that here: 
Since this time, we’ve completed multiple further steps of trend failure.
Let’s run through them.
First let’s refer to my template of things you tend to see in the public during stages of a bubble. It’s a multi step process, we’ll skip to the advanced stages.
We have the public trap (Sharp convincing spike – happened when the harmonics filled I think).
Then we have the rug pull. A very clean and consistent sell off from the high during which people bury their head in the sand and use phrases like “Ignore the FUD”.
Then we’re into the Early Panic stage where the market sells off about 50% and then puts in a bit of a bounce.
We’d now be in the “mimic the convincers” part. Where the market acts like it did before the previous rallies. The bit where people are common duped into making lifechanging decisions. And the time when it’s most important to be warn people about the bubble – but the time they simply will not listen.
After this break, is when we tend to head into the lower lows crash section of the trend which develops into a long term grinding downtrend.
As well as going through all the classic public phases of a bubble, we now have the classic things like head and shoulders to warn the break may be imminent.