Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub
Good weekend everyone,
The Crypto Frog uses its Ichimoku Analysis Process by looking at a glance at the BINANCE:BTCUSDT Daily chart using the “Crypto Market Settings” for the indicator as 10-30-60-30:
Macro Trend Analysis using Kumo:
Static Supports and Resistances in the area:
Resistances
Supports
Dynamic
The Crypto Frog uses its Ichimoku Analysis Process by looking at a glance at the BINANCE:BTCUSDT Daily chart using the “Crypto Market Settings” for the indicator as 10-30-60-30:
Macro Trend Analysis using Kumo:
- Tendency: the price is currently blocked within the range it has been following for several days now. Very important is the price structure formed by the flat areas of the Kijun and the Senokou Span A. Given the flat area these structures normally attract the prices and therefore it is naturally acting as support or resistance.Despite the fact that the Tenkan broke away lower from the Kijun this week, there is still an uptrend, but it is very weakened as the Kumo is getting thinner.
- Price: the price is above Kumo, but it is getting closer and closer to it, it is still very much in line with Kijun and slightly above Tenkan Sen which is however below Kijun indicating a bearish short-term momentum.
- Width: the Kumo - after a flat period - is now getting thinner, sign of the weakening of the uptrend in act by more than 50 days.
- Evolution: thinning transmits a general feeling of overbought.
Static Supports and Resistances in the area:
Resistances
- 52400-53900 strong price by Senkou Span B, Senkou Span A and Kijun
- 50000 important psychological support which price is trying to cross for about two weeks
- 47400-47900 strong price structure by Senkou Span B and Kijun
Supports
- 44122 generated by Senkou Span B and Kijun
- 41102 generated by Senkou Span B
- 39840 generated by Senkou Span B
Dynamic
- Tenkan: always flat on 47881.53 so, sideways with price under the lines
- Kijun: downtrend at 47881.53
Volumes:
Stable and slightly decreasing
Heikin-Ashi:
The Heikin-ashi this week changed color and the second green candle with no shadow underneath showed up, a sign of the short-term willingness to restart. The Tenkan-Sen is still below the Kijun after a moment of flatteness and it will be interesting to see if an upward cross of the Kijun/Tenkan will confirm this will.
Fibonacci
CryptoFall, which identifies Fibonacci levels, still shows us a positive sentiment and places the 0 upwards on 100000 and we are now in the equilibrium point 0.5 right on 50000.
Further levels are the 0.618 on 38200 that we can consider the last bastion of the uptrend and the 0.382 level on 61800. At the moment there is an approach on the 0.5 Fibonacci level, a sign of searching for balance.
Right now, Bitcoin is on a very important price structure before the psychological threshold of 50000. The market is also very uncertain due to fundamental issues related to regulations and adoptions. This indecision and potential trend change is confirmed by the following signals:
- Long-term Kumo is getting tighter, increasing the possibility of a Kumo Twist to the downside.
- In the medium/short term a potential upward cross of the Tenkan/Kijun could bring an uptrend signal.
It is also interesting to note that - looking at the chart with traditional Hosoda settings - the Kumo tapering is very evident and the price has spiked downwards on the Kumo itself.
Therefore caution is recommended in the coming days.
Thanks for your attention, happy to support the TradingView community.
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- Scalping The Bull Training: tinyurl.com/corsoindicatorepro
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