Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

14 sie 2022

Good weekend,

As usual, here is our analysis of the week looking at a glance at the daily chart of BINANCE:BTCUSDT using the Ichimoku Kinko Hyo indicator with traditional settings. We used in support other indicators that we developed and released Open Source, you can find them at the end of the analysis.

Trend:
Kumo has been green for 10 days, is uptrending, and is holding its width constant about 6%. The Ichimoku Analysis Tool is almost totally green and gives us a sense of a general uptrend; price is always attracted to Tenkan, but in this case it manages to stay above and is also above Tenkan Weekly-which has dropped from where it was a week ago, though. We are still inside the Kumo, though.

The Kijun Trend indicator continues to indicate looking for long positions.

Heikin-Ashi:
For the week the Heikin-Ashi indicates a slightly uncertain uptrend, the Kumo is now green, and-again-price is inside the Kumo.

Supports and resistances:
- 25000.00 by Fibonacci
- 24600.00 Tenkan Weekly
- 23400.00 Chikou cusp level or flat zones of Kijun and Tenkan
- 22400.00-22600.00 Chikou cusp level or flat zones of Kijun and Tenkan
- 20200.00 Chikou cusp level or flat zones of Kijun and Tenkan
- 20000.00 psychological threshold
- 19100.00-18900.00 Chikou cusp level or flat zones of Kijun and Tenkan
- 12700.00 from the waves of Hosoda
- 11000.00-13000.00 Chikou cusp level or flat zones of Kijun and Tenkan

For the various static price structures, reference can be made to the chart where the structures identified by the flat moments of Tenkan, Kijun, Senkou Span A and Senkou Span B on different timeframes, also Chikou for the daily time frame, are plotted.

Also, recall that the various Ichimoku lines serve as dynamic price structures: the Tenkan Sen (short term), the Kijun Sen (medium term) as well as the Senkou Span A and Senkou Span B (long term).

Fibonacci:
Fibonacci levels on the Daily still show us a positive long-term sentiment and places the 0 upside on 75000.00. Price is still below the 1 level and trying to get close and having a hard time reaching it, we are at least at the second touch.

Conclusion:
The BTC situation is greener but the price is still inside the Kumo. It is crucial the 25000.00 level is always very important both as a limit of the Kumo and as a psychological component. It is no coincidence that there are some Long Upper Shadows candles on the Senkou Span B.

The well-known exponential moving averages often used in the Crypto market on the 200, 50 and 20 periods are aligned in downtrend but still the price but the 200 and 50 are crossing.

The Hosoda waves indicate a downtrend target since they are using relative lows and highs of this uptrend movement. Despite the downward target, it is very interesting to evaluate the proposed targets, especially the NT indicating 25592.08-as confirming uptrend and 23338.23 as confirming downtrend.

It is important to evaluate the close of the week and during the week on the following price structures:
- Bullish/Lateral: 25000.00-25592.08
- Bearish: 21400.00-23338.23

Altcoin Cycle:
For Bitcoin Dominance and Altcoin Cycle we can consider the weekly variation:
- Total cryptocurrency market capital: Increased.
- BTC Dominance: Decreased.
- Price of BTC: Increased.
- Expectation of Alt Cycle: Fast increase.

Thanks for your attention, happy to support the TradingView community.

Indicators used:
Analysis Tool

Kijun Trend Indicator

Ichimoku Support and Resistance

Chikou Support and Resistance