Bitcoin Acquisition Analysis
BTC acquisition clearly broke below the ascending wedge on the weekly timeframe, indicating a potential shift in market structure. After the breakdown, it attempted to re-test the previous wedge support, which now acts as resistance, but it failed to reclaim it convincingly.
Currently, the acquisition is hovering around the 59% area, showing weakness after the rejection from the re-test zone. This suggests that Bitcoin's dominance in the market may continue to decline over the coming weeks, potentially triggering stronger movements in the market overall.
Unless BTC dominance reclaims the broken trend line and closes back inside the channel, the structure favors more downside, possibly towards the 54-55% area.
Therefore, we are quite optimistic in the last quarter of this year; it could be the final wave up in this cycle.
#btc
BTC acquisition clearly broke below the ascending wedge on the weekly timeframe, indicating a potential shift in market structure. After the breakdown, it attempted to re-test the previous wedge support, which now acts as resistance, but it failed to reclaim it convincingly.
Currently, the acquisition is hovering around the 59% area, showing weakness after the rejection from the re-test zone. This suggests that Bitcoin's dominance in the market may continue to decline over the coming weeks, potentially triggering stronger movements in the market overall.
Unless BTC dominance reclaims the broken trend line and closes back inside the channel, the structure favors more downside, possibly towards the 54-55% area.
Therefore, we are quite optimistic in the last quarter of this year; it could be the final wave up in this cycle.
#btc