Weekly Analysis BTC via Ichimoku

17 apr 2023

Good start to the week,

Let us analyze at a glance the daily chart of BINANCE:BTCUSDT with Ichimoku Kinko Hyo. We use the traditional settings. There are other indicators in the analysis. We have developed and released them Open Source.

Trend:
Kumo has been green for 34 days and is about 12.9% wide. It has widened and is now flat. The various lines indicate a general uptrend situation with a momentum of long-term laterality and a short-term retracement The price today touched the Tenkan and in less than 2% could touch the Kijun.

The Kijun Trend indicator is looking for long positions.

Heikin-Ashi:
The Heikin-Ashi confirmed with today's candle a retracement.

Supports and resistances:
- 32150.00 Fibonacci
- 30350.00 Chikou cusps and flat zones of Kijun and Tenkan
- 30000.00 Psychological threshold
- 29800.00 Chikou cusps and flat zones of Kijun and Tenkan
- 27950.00 Fibonacci
- 25000.00 Fibonacci
- 24800.00 Chikou cusps and flat zones of Kijun and Tenkan

For static price levels, the lower right chart plots the flat zones of Tenkan, Kijun, Senkou Span A and Senkou Span B on different timeframes, and the Chikou for the daily time frame.

For dynamic price levels, the Ichimoku lines can be observed: the Tenkan Sen (short term), the Kijun Sen (medium term) as well as the Senkou Span A and Senkou Span B (long term).

Conclusions:
The situation is bullish after crossing the psychological threshold of 30000.00 and it is now in a retracement.

It is possible to find a sideways ABC pattern indicating the following levels: V 23400, E 25215, N 29015, NT 32815.

It is important to evaluate the price close during the week on the following price structures:
- Bullish: 30387.00
- Bearish/Lateral: 29400

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.
- Alt Cycle Expectation: Strong growth.

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