on daily is showing oversold and a , indicating we could begin trending sideways. Upward trend is highly unlikely. Most alts reverse after 90% retracement.
I am favoring scenario 1 because of the , followed with a continuation of the downtrend. However, with segwit 2x coming in less than a month we have a big unanswered question over the entire market which could be for BTC and alts. Scenario 2 is a possibility.
In general I am seeing the volume starting to return to alts, however this pair may have more to fall since it has grown so much recently.
Short Term trade here or for long term accumulation.