Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

2 Ağu 2022

Good start to the week,

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 107 days, continues to tighten (now at about 3.7%). We are in the Kumo and therefore the situation is always uncertain: in the long term downtrend that looks like it is about to end the move, in the medium term uptrend-lateral and in the short term a downtrend momentum attracted by the Tenkan.

The Kijun Trend indicator continues to indicate looking for long positions but the price in the Kumo indicates uncertainty.

Heikin-Ashi:
For the week the Heikin-Ashi indicated a mainly bullish trend, now they are in the Kumo and have turned red.

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 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, 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:
Fibonacci levels on the Daily still show us a positive long-term sentiment and places the 0 upside on 75000.00. Price is still below the 1 level and trying to get close and having a hard time reaching it.

Conclusion:
BTC's situation continues to be uncertain since it is in the Kumo, but it is still above the Kijun and now about to touch the Tenkan. There are important levels to break through such as the area around 25000.00 where the end of the Kumo is and the Tenkan Weekly has moved lower.

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 has crossed the 200 and now made a second touch of the 50.

The Kijun trend is indicative of looking for long positions and right now the Hosoda waves indicate a downward target. However, the waves of the previous movement are represented and form very good price structures.

It is important to evaluate the close of the week and during the week on the following price structures:
- Bullish/Lateral: 24600.00-25000.00
- Bearish: 21600.00-21400.00

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: Downtrend.

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