Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

7 ago 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 3 days now, after 108 days when it was red. It is flat and about 6 percent wide. Anyway, we continue to be in the Kumo and the situation continues to be uncertain but in the long to medium term the sentiment is uptrend-lateral. On the short term the price is attracted and at the moment it remains below Tenkan. In general, important structures such as Tenkan Weekly are still above price.

The Kijun Trend indicator continues to indicate looking for long positions but the price in the Kumo indicates uncertainty.

Heikin-Ashi:
For the week the Heikin-Ashi indicates much uncertainty and laterality on a bearish bias, the Kumo in fact has not yet turned green and price is below the Tenkan.

Supports and resistances:
- 25000.00 from 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:
The Fibonacci levels on the Daily still show us positive long-term sentiment and places the 0 upside on 75000.00. Price is still below level 1 and trying to get close and having a hard time reaching it, it has already been rejected once.

Conclusion:
The situation of BTC continues to be uncertain, the price is inside the Kumo while the Kumo of the future has turned green, but on the short term the price is still below the Tenkan.

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 is between the 200 and 50 coming close to cross.

The Kijun trend is indicative of looking for long positions and right now the Hosoda waves indicate an upward target. However, waves from the previous movement are represented, forming very good price structures.

It is important to evaluate the close of the week and during the week on the following price structures:
- Bullish/Lateral: 24600.00-25000.00
- Bearish: 21600.00-21400.00

Altcoin Cycle:
For Bitcoin Dominance and Altcoin Cycle we can consider the weekly variation:
- Total cryptocurrency market capital: Decreased.
- Dominance of BTC: Decreased.
- Price of BTC: Decreased.
- Alt cycle expectation: Stable.

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