I've seen people try that and I've noticed the correlation myself. Around the end of last year (November/December 2017) it was possible to watch BTC jump 5-10% and jump over to ETH and catch the same wave 5-10 minutes later.

The problem is those patterns quickly disappear as automated trading picks them up. The window goes from 5-10 minutes to seconds or less. Much harder to act in such a small window.