Chart is pretty self explanatory. Notice the bearish cross on Stoch RSI, indicating we should see a short term pullback & some relief for BTC/Alts.
However, If USDT.D continues it's reversal by breaking out from the current descending channel, BTC/Alts will continue to bleed.
If USDT.D continues to trend downward, expect upside for crypto to resume.
USDT.D (Tether Dominance) looks bullish on the daily time frame. If the fractal plays out I expect a correction in the crypto market following Bitcoin as the assets flowing into USDT from other crypto coins and tokens. This scenario depends on the completion (A candle above the neckline) of the double-bottom pattern formed in the last two months.
A breakout to the upside of that trendline would worry me as it ''could'' mean the end of USDT.D downtrend and a ''possible'' beginning of a major selloff to go back in stablecoin but we are not there yet.