Weekly Analysis BTC via Ichimoku

13 mars 2023

Good start to the week,

Let us analyze at a glance the daily chart of BINANCE:BTCUSDT with Ichimoku Kinko Hyo. We use the traditional settings. There are other indicators in the analysis. We have developed and released them Open Source.

Trend:
Kumo has been red for 4 days and is about 0.7% wide. It has turned red since the last analysis and is now very thin again and may cross again. It is interesting in general to see the bounce exactly on the Kumo and the Kijun Weekly Continued uncertainty as from the past week. In general, short term is bullish and bearish-lateral on the medium and long term.

The Kijun Trend indicator now indicates looking for short positions, but today's candle has outperformed by a lot, so in two days it may return to looking for long situations.

Heikin-Ashi:
The Heikin-Ashi confirms the rebound

Supports and resistances:
- 29800.00 Chikou cusps and flat areas of Kijun and Tenkan
- 25000.00 Fibonacci
- 24800.00 Chikou cusps and flat zones of Kijun and Tenkan
- 24400.00 Chikou cusps and flat zones of Kijun and Tenkan
- 24200.00 Chikou cusps and flat areas of Kijun and Tenkan
- 23300.00 Chikou cusps and flat areas of Kijun and Tenkan
- 21200.00 Chikou cusps and flat areas of Kijun and Tenkan
- 20200.00 Chikou cusps and flat zones of Kijun and Tenkan
- 19100.00 Fibonacci

For static price levels, the lower right chart plots the Tenkan, Kijun, Senkou Span A and Senkou Span B flat zones on different timeframes, and the Chikou for the daily time frame.

For dynamic price levels, the Ichimoku lines can be observed: the Tenkan Sen (short term), the Kijun Sen (medium term) as well as the Senkou Span A and Senkou Span B (long term).

Conclusions:
The situation is bullish/lateral.

Hosoda waves calculated last week on a bearish ABC pattern were touched: 22750 (NT), 21472 (N), 21444 (V), 20194 (E).

Considering the current pattern with point B on March 10, we have 16376 (NT), 20827 (N), 25278 (E), and 28450 (V) as further levels.

From a fundamental point of view, it is problematic the liquidation of Silicon Valley Bank, of the Fed's reassurances about it, as well as

It is important to assess the price close during the week on the following price structures:
- Bullish: 24400.00-24800.00
- Bearish/Lateral: 24000.00-22200.00

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