Weekly Analysis BTC via Ichimoku by TheSocialCryptoClubGood weekend,
As usual, here's our weekend analysis for the week by looking at a glance at the BINANCE:BTCUSDT Daily chart with the Ichimoku Kinko Hyo with the “Traditional” settings. We used some Indicators we developed and released Free and Open Source. Please look at the bottom of the Analysis.
Tendency:
As we had indicated in last week's analysis, the Kumo had turned green but against a context of uncertainty indicated by the price within the Kumo itself. This uncertainty has been confirmed. In fact, we have a Kumo that is still very thin and that suddenly goes from green to red and continues to look downwards.
Moreover the price continues to fail to overcome the Kumo, it was rejected by the Kijun but in the very short term it is on the Kijun and the Chikou is just on the price.
Despite this, the rest of the lines indicate a downtrend situation in the medium and long term.
The Kijun Trend Indicator also continues to indicate a downtrend.
Supports and Resistances:
- 75000.00 by Fibonacci
- 67000.00 by Historical Maximum
- 66001.41 by All-time-high Chikou
- 51800.00-52600.00 from Ichimoku Flat areas/Chikou Cusps
- 40500.00-40700.00 from Ichimoku Flat areas/Chikou Cusps
- 35000.00 from Ichimoku Flat areas/Chikou Cusps
- 33500.00 from Ichimoku Flat areas/Chikou Cusps
For the various static price structures it is possible to refer to the chart where the structures identified by the flat moments of Tenkan, Kijun, Senkou Span A and Senkou Span B on different timeframes are plotted, also Chikou price for the Current timeframe.
Moreover, let us remember that the various lines of the Ichimoku 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).
Heikin-Ashi:
The Heikin-Ashi are confirming the uptrend on the short term and - cleaning up a lot of background noise - indicating that a large resistance area has yet to be breached.
Fibonacci:
CryptoFall, which identifies Fibonacci levels, still shows us a long-term positive sentiment and places the 0 upwards on 75000. Price was not able to overcome the 0.618 and went back to 0.786.
Conclusions:
The situation is much the same as anticipated in the previous week. BTC continues to show the desire to go up but right now the uncertainty - the price inside the Kumo - is the master.
From a fundamental point of view we can correlate this situation to the current geopolitical situation - considering the great volatility that developed at the time of the invasion in the Russian-Ukrainian conflict - but as technical analysts we always refer to the chart as "the market discounts everything".
It is important to evaluate the closing of the week on the following price structures, with emphasis on the sideways moment:
- Bullish 40000
- Bearish 35000-37500
Altcoin-Cycle:
For the Bitcoin Dominance and Altcoin Cycle we can consider the Weekly variation:
- Total Crypto Market Cap: Decreased
- Dominance of BTC: Increased
- Price of BTC: Increased
- Alt Cycle Expectation: Decrease Fast (dump)
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
