As you can see, during the 2018 bear market the total Alt cap and BTC dominance were inversely correlated for the most part.
Comparing the current correlation between the two charts looks much more like 2017 BTC dominance cycles than 2018 cycles.
With volatility back for BTC, one of the main use-cases for alts (as liquidity-makers for additional BTC) is temporarily on hold. On the other hand, I don't see any objective reason why we shouldn't have a significant altseason once BTC corrects and goes through re-accumulation.
I continue to think this chart offers something of value. This week or next I am hoping to see something decisive in favor of Alt Dominance. I'm attaching a snapshot of an Atc.Dom chart here that shows my interpretation of trendlines, RSI structure, EMAs, etc.