Weekly Analysis BTC via Ichimoku

24 янв. 2023 г.

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 green for 24 days and is 2.4% wide. It has expanded since the last analysis and is now flat. In concert the situation is always bullish/lateral. It is important to note that the price has bounced off the monthly Tenkan.

The Kijun Trend indicator has been looking for long positions since January 10.

Heikin-Ashi:
The Heikin-Ashi confirms the bullish movement. There are many green candles with no shadow underneath. They have no shadow underneath but the body is compressing.

Supports and resistances:
- 25000.00 Fibonacci
- 24400.00 Chikou cusps and flat areas of Kijun and Tenkan
- 21200.00 Chikou cusps and flat zones of Kijun and Tenkan
- 20200.00 Chikou cusp level or flat zones of Kijun and Tenkan
- 19100.00 Fibonacci

For static price levels, the lower right chart plots the flat zones of Tenkan, Kijun, Senkou Span A and Senkou Span B 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.

Hosoda waves indicate a new ABC pattern with bullish targets on 21240 (N) and 28355 (NT).

From a fundamental point of view, there is a lot of focus on inflation. The FED has confirmed a moderate approach to raising rates. Consumers have confidence and it brings a rise in indexes. However, to be monitored this week are the announcements on GDP, Personal Income and Personal

It is important to evaluate the price close during the week on the following price structures:
- Bullish: 24400
- Bearish/Lateralist: 22400.00

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: Decline.

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