The steady drop is in it's final stages. Beginning on 2017.06.13, this bearish phase put in a midpoint on 2017.07.08. The midpoint is a subtle small doji bar (yellow circle). Note how most price action between 2017.06.13 and 2017.07.08 occurred ABOVE the doji, while most price action after 2017.07.08 occurred BELOW the doji, i.e. the doji is an important price level with good odds of marking the half-way point in this ongoing pullback. Taking the fib retracement tool, starting at the 2017.06.13 high and placing the 50% (half) level through the doji suggests a final bottoming zone of 0.03967 and slightly below (green rectangle).
This is an unconventional type of analysis but is much more predictive than analysis based on lagging indicators. For further steps, draw this fib retracement yourself and then add the other common fib levels and note how well price has respected these levels, especially the 23.6 level. Further evidence of the expected 0.03967 bounce level is obtained when looking left and seeing that this level was an important break-out zone before (green triangle, green arrow)
Intermarket analysis: I expect bitcoin to continue to outperform alts until this ETHBTC bounce zone is reached - Hold bitcoin longs until that moment arrives. I expect the eventual ETHBTC bounce detailed here to carry to new highs as ETH starts outperforming BTC again after such a very substantial and drawn-out correction.
This is an unconventional type of analysis but is much more predictive than analysis based on lagging indicators. For further steps, draw this fib retracement yourself and then add the other common fib levels and note how well price has respected these levels, especially the 23.6 level. Further evidence of the expected 0.03967 bounce level is obtained when looking left and seeing that this level was an important break-out zone before (green triangle, green arrow)
Intermarket analysis: I expect bitcoin to continue to outperform alts until this ETHBTC bounce zone is reached - Hold bitcoin longs until that moment arrives. I expect the eventual ETHBTC bounce detailed here to carry to new highs as ETH starts outperforming BTC again after such a very substantial and drawn-out correction.