Most of the Altcoins didn’t perform well when Bitcoin is continue testing previous high. Take a look at the ETH/BTC chart, a head and shoulder pattern was formed, but took some time to break the neckline, which the candles had tested it for 4 times and broke below it right now. We may can measure the target of the head and shoulder, it gives us a target of 1 ETH=0.02359BTC.
Also, the yellow line, BTC dominance continues to go higher. We can see that BTC.D has a negative correlation with ETH/BTC chart. ETH can be regarded as a indicator of Altcoins. If BTC.D continues to go high, it may not be good for altcoins.
But when BTC price went high maybe at $16000, we may see altcoins perform well again, according to the history. Many good altcoins still have bright future, but in the short term, it may not be their time yet.
Also, the yellow line, BTC dominance continues to go higher. We can see that BTC.D has a negative correlation with ETH/BTC chart. ETH can be regarded as a indicator of Altcoins. If BTC.D continues to go high, it may not be good for altcoins.
But when BTC price went high maybe at $16000, we may see altcoins perform well again, according to the history. Many good altcoins still have bright future, but in the short term, it may not be their time yet.