Just a shout out to all the alt-bag investor types who are HODLing through a BTC up Alts down. It seems at some times that everything is connected - certainly moves are timed and so seemingly they are connected.
People jump out of Alts when BTC moves, or maybe they just take profits because the USD price starts to go up because they really trade in Altcoin/USD - who knows. The point is that there come times when Alts just go up no matter what direction BTC is going sometimes it is counter, sometimes with the trend. You can't know - but the thing to understand is the shake-out.
They will keep dumping and making it look like everything is dead (some will really be dead) until enough people capitulate. Unless you are timing trades and using TA to buy in and stopping out - you need to ignore that noise because 6 months from now the whole picture will tend to look completely different. You will either succeed or fail but selling out when it goes down is letting market illusions control you (if you are an investor).
That doesn't mean you shouldn't sell - but it should already be your plan to cut losses according to trading rules. If you wake up to the day of "blood" as people call all the red price moves on twittersphere ... that is not a time to panic. Of course if you have no trading plan you are likely to get abused and used by the markets ... but as an investor you need to have a target and wait for it. That is the simplest plan of them all - buy low, sell high.
The experienced traders are all happy to see the shake outs like this because they expect that soon after big moves will start. Down sells tend to trigger pumps to the 10x range on many alts over a month or two #altsareback.
Look at Bitcoin - it goes up massively after surviving the usual Bitcoin is dead - short squeeze dump to the price level where people who bought it high are freaking out and want to get their money back before they lose it all. Then they sell and watch in shock as it just goes on an up trend relentlessly - it is like that mountain of sell fuels the next pump. You were "shaken out" - and the media - Bitcoin is dead means banks are buying. Then now see the news lately about banks buying etc.
In two weeks it will be some hard for freak out to dump it again - who knows. Maybe just a quick down move.