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 additional indicators that we have developed and released Open Source, you can find them at the end of the analysis.
Trend:
Kumo has been red for 35 days, getting even thicker than last week (now at about 17.64%), and continues to slope downward. The only flat line is the Tenkan, all others indicate a downtrend.
The Kijun Trend indicator always indicates looking for short positions.
Heikin-Ashi:
Throughout the week the Heikin-Ashi indicates indecision but still downtrend and price is attracted to the Tenkan.
Supports and resistances:
- 75000.00 from Fibonacci
- 67000.00 from all-time high
- 66001.41 from all-time high of Chikou
- 51800.00-52600.00 from Ichimoku Flat/cusp areas of the Chikou
- 49000.00-51000.00 Fibonacci, psychological threshold and Kijun Weekly
- 44400.00-45600.00 from Ichimoku Flat/cusp areas of the Chikou
- 41200.00 from Ichimoku flat/cusp areas of the Chikou
- 39400.00 from Ichimoku flat/cusp areas of the Chikou
- 37000.00 from Ichimoku flat/cusp areas of the Chikou
- 35700.00 from Fibonacci
- 35000.00 from Ichimoku flat/cusp areas of the Chikou
- 33500.00 from Ichimoku flat/cusp areas of the Chikou
- 30300.00 from Ichimoku Flat/cusp areas of the Chikou
- 25000.00 from Fibonacci
For the various static price structures you can 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 daily time frame.
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 now between level 1 at 25000.00 and 0.786 on 35700.00.
Conclusion:
BTC continues to be in a downtrend on the daily and weekly time frame. All lines confirm this and only the Tenkan is flat. The Weekly Kijun is falling abruptly.
The well-known exponential moving averages often used in the Crypto market on the 200, 50 and 20 periods are also lined up in downtrend and continue to fan out.
An interesting element is the Hosoda waves that signal an ABC pattern with the C point on the 2022-05-12 low, there are no rising lows and in fact the NT target is at 16245.00 while the N target is at 37734.84. Levels to consider.
From a fundamental point of view, we can always consider the correlation with U.S. equities in this inflationary situation, as well as aspects related to conflict and rising commodity prices.
It is important to evaluate the closing of the week and during the week on the following price structures:
- Bullish: 31600.00
- Bearish: 29000.00
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
