Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

13 мар. 2022 г.

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 additional indicators that we have developed and released Open Source, you can find them at the end of the analysis.

Trend:
The situation of uncertainty remains. The Kumo is always green, for 13 days now, but the Senkou Span B and the Senkou Span A continue to get closer and have a lateral bias.

Despite the fact that almost all the lines, especially the most important ones, are trending downwards, the Tenkan and Kijun are communicating a certain willingness to uptrend but we are still in a downtrend. Furthermore, in these last days the candlestick amplitude is very small, a sign of momentary static, and that something might happen soon, quoting Larry Wiliams.

The price is always under the Kumo - currently rather thin and therefore geometrically easy to overcome - and cannot overcome it after having touched it more than a month ago.

The structure to which the price is glued is the Tenkan Weekly - placed downwards from the Kijun Weekly which is around 50,000.

The Kijun Trend Indicator did not respond to the upward price cut and continues to be bearish, we are now at the third touch of this phenomenon.

Heikin-Ashi:
The Heikin-Ashi confirms the bearish movement despite the green, but still very thin Kumo, whose lines seem to be converging on a further cross. Also the price is below the Tenkan, which is below the Kijun and below the Kumo.


Supports and resistances
- 75000.00 from Fibonacci
- 67000.00 from historical high
- 66001.41 from historical high of Chikou
- 51800.00-52600.00 from Ichimoku Flat/Cusp areas of the Chikou
- 40500.00-40700.00 from Chikou's Ichimoku Flat/Cuspid areas
- 37000.00 from Ichimoku Flat/Cuspid areas of Chikou
- 35000.00 from Ichimoku Flat/Cuspid areas of Chikou
- 33500.00 by Ichimoku Flat/Cuspid areas of Chikou

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 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 still show us a long-term positive sentiment and puts the 0 on the upside at 75000.00. The price is stable between the level 0.618 and 0.718.

Conclusion:
The BTC continues to show the desire to go up - three upward breakout of the Kijun - but the uncertainty of the moment and the presence of the price in or around the Kumo do not allow it to proceed and it is now sideways.

From a fundamental point of view we can relate this situation to the current unstable geo-political situation that the market is experiencing through the presence of volatility and pessimism.

It is important to evaluate the closing of the week on the following price structures, with emphasis on the lateral momentum:
- Bullish 40400.00-40700.00
- Bearish 37000.00

Altcoin Cycle:
For Bitcoin Dominance and Altcoin Cycle we can consider the weekly variation:
- Total cryptocurrency market capital: Decreased
- BTC dominance: Increased
- Price of BTC: Increased
- Expectation of Alt cycle: 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