Weekly Analysis BTC via Ichimoku by TheSocialCryptoClubGood 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 red for 15 days and is in slight contraction (currently at about 4.75%). Ichimoku's configuration has changed a lot since the last analysis. In fact, the price has returned to the Kumo's entry levels, narrowly overshooting the Kijun, and with one candle violently broke the Tenkan-which it was awaiting to the downside. The Kumo of the present is particularly fine, but it has moved lower since the last encounter.
The Kijun Trend indicator continues to indicate looking for short positions, even as price stands slightly above the Kijun
Heikin-Ashi:
The Heikin-Ashi confirm the strong bullish movement of the price: three green candles with very wide body and no shadows below have brought the price inside the Kumo and-at this time-precisely on the level of the Kijun.
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 level cusps Chikou or flat zones of Kijun and Tenkan
- 17080.00level cusps Chikou or flat zones of Kijun and Tenkan
- 12700.00from the waves of Hosoda
- 11000.00-13000.00 level cusps Chikou 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 a positive long-term sentiment and places the 0 to the upside on 75000.00. Price is moving away from level 1 represented by 250000.00
Conclusion:
After touching the 18500.00 area, the price had a major uptrend to the Kumo and Kijun levels, where it is now lateralizing.
Hosoda waves indicate a downward ABC pattern but with some upward targets, thus interesting price levels are: 22641.73, 21632.5, 19567.02, 17501.54.
From a fundamental point of view, there is a lot of uncertainty considering the FED's struggle with inflation, the energy crisis in Europe, and the Russian-Ukrainian war. It will be interesting to see the effect on the crypto market of Ethereum PoS.
It is important to evaluate the close of the week and during the week on the following price structures:
- Bullish/Lateral: 21800.00-22400.00
- Bearish: 21000.00
Altcoin Cycle:
For Bitcoin Dominance and Altcoin Cycle we can consider the weekly variation:
- Total cryptocurrency market capital: Increased
- BTC Dominance: Increased.
- Price of BTC: Increased.
- Alt cycle expectation: Decreased.
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
