Technical Analysis by AMDG Team: Market on Bullish
BTC High Time Frame (HTF) View:
BTC dipped and is consolidating at November's NPOC (naked point of control - where most trades occurred).
Last few days, the Binance FUD has been spreading and that has caused panic selling.
At this juncture, BTC needs to reclaim 17.2k to maintain bullish momentum. If price breaks down & closes below 16.7k, you can start filling your bags with cheaper BTC again. Fyi, current price is under BTC production cost (read: it's on fire sale again).
BTC.D (Bitcoin dominance) View:
BTC.D broke out of the descending wedge. What it means is that BTC price is stronger than alts (as a whole) during the dip.
If BTC.D continues going up to 43.69% where the next resistance is, it's time to load your alts.
In the worst case scenario, it might even go up to 48%.
For bullish case, there is a possibility of BTC.D heading back down as it has hit top of the MFI range on the daily.
If BTC.D breaks down, then alts would recover faster.
Take a look at the BTC.D cheat sheet to understand better on the cycles.
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