Déjà vuDevelopments in TOTAL2 for the last week parallel those of late May and early June. A, B, and D are crashes that form a rough inverse head-and-shoulders; in addition, there is an inverse head-and-shoulders shape within D. C and E, by contrast, are the reaction rallies out of the B and D crashes respectively, with E being slightly higher than C. After the E rally, equilibrium is reached which causes prices to be more or less close to their "real" value, which in the case of a bear market in June, showed a steady slide until the next crash on June 20.
BTC is similar except giving more of a veneer of stability, as during last month's slide downward there was a shift from alts into bitcoin, leading to a bump in the bitcoin price around June 14-16. Bitcoin dominance BTC.D has otherwise been broadly inverse to TOTAL2 cap.
This may provide clarity as to whether the bear market in alts is over yet or not. If it's still on, there will be another slide downward in alts leading to another dip. If it's over, we shouldn't see another slide.
