Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

17 juil. 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 red for 91 days and is stable (now at about 21%). The situation is always uncertain but mainly sideways on the medium to long term. Senkou Span B and Kijun are flat, indicating a sideways moment in the downtrend. The price continues to be above the Kijun, but it is still below the Kumo and below the important level of 22500.00.

The Kijun Trend indicator continues to indicate looking for long positions, even though the Kijun is flat. Price continues to be very close to the Kijun and may make contact with the Kumo shortly.

Heikin-Ashi:
For the week the Heikin-Ashi indicates a change in trend for the past week that allowed the Kijun to break through and is now on the Tenkan.

Supports and resistances:
- 25000.00 from Fibonacci
- 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 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 still below the 1 level, should it stay it will update accordingly.

Conclusion:
BTC shows a bullish trend on the short term, but the situation is rather uncertain. There are important levels to overcome such as 22400.00-22600.00 and the Kumo itself.

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 exceeding the 200.

The Kijun trend is indicative of looking for long positions, but the Hosoda waves continue to indicate downtrend targets even though the V and NT targets are rising from last week:
- V/NT: 12600.00
- N: 7750.00
- E: 2845.00

It is important to assess the close of the week and during the week on the following price structures:
- Bullish/Lateral: 22400.00-22600.00
- Bearish: 20000.00-20700.00

Altcoin Cycle:
For Bitcoin Dominance and Altcoin Cycle we can consider the weekly variation:
- Total cryptocurrency market capital: Increased.
- BTC Dominance: 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