Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

6 февр. 2022 г.

Good weekend,

As usual, here's our weekend analysis for the week's trades by our Indicators now available Open Source by looking at a glance at the BINANCE:BTCUSDT Daily chart using the “Traditional” settings with the Ichimoku Kinko Hyo.

Tendency:
- BTC it is still in the downtrend now from 72 candles but as the downtrend was weakening as described last week, now seems to be the moment of a reversal, even if the various Ichimoku lines still have mixed feelings: long-term still a downtrend, medium-term sideways and short term uptrend.
- The Kijun Trend Indicator is still indicating a downtrend but the crossover happened two days ago and today it can signal the looking for a long position.
- Tenkan is not over the Kijun and this confirms the reversal desire.

Price: The price is under the red Kumo and Chikou is under the price, but at the limit and in an area without a lot of price structures.

Supports and Resistances in the area and not only:
- 75000.00 by Fibonacci
- 67000.00 by Historical Maximum
- 66001.41 by All-time-high Chikou
- 51800.00-52600.00 from Ichimoku Flat areas/Chikou Cusps
- 40500.00-40600.00 from Ichimoku Flat areas/Chikou Cusps
- 33500.00 from Ichimoku Flat areas/Chikou Cusps
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 Current timeframe.

Moreover, let us remember that the various lines of the Ichimoku serve as 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).

Heikin-Ashi:
The Heikin-Ashi weakening of the last week is confirmed and now shows the short-term trend desire by some green candels without lower shadows.

Fibonacci
CryptoFall, which identifies Fibonacci levels, still shows us a long-term positive sentiment and places the 0 upwards on 75000. Price is now moving from 0.786 to 0.618. Usually a retracement is considered from the 0.382 to 0.618.

Conclusions:
BTC continues to be in a downtrend but there is a possible reversal.

It is important to evaluate the closing of the week on the following price structures:
- Bullish 45000
- Bearish 40500-41500

For the Bitcoin Dominance and Altcoin Cycle we can consider the Weekly variation:
- Total Crypto Market Cap: Increased
- Dominance of BTC: Decreased
- Price of BTC: Increased
- Alt Cycle Expectation: Increase fast

Thanks for your attention, happy to support the TradingView community.