Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

17 เม.ย. 2022

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 Kumo is about to turn red today, having shrunk totally since last week. The Senkou Span B has increased and the Senkou Span A has decreased. The Kumo of the present day - however very thin - is acting as a price structure. The price is however now inside the Kumo a sign of uncertainty. Kijun is sideways.

Almost all lines both individually and in concert indicate a downtrend and price is not above Tenkan Weekly. Kijun and Tenkan, both on the daily and weekly timeframe indicate a downtrend.

The Kijun Trend indicator, which had anticipated last week's search for short positions, continues to be red.

Heikin-Ashi:
As last week, the Heikin-Ashi are always above the Kumo but have been red for a week now and are using the Kumo as support.


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
- 49000.00-51000.00 Fibonacci, Psychological Threshold and Kijun Weekly
- 44400.00-45600.00 by areas Ichimoku Flat/Chikou Cusps
- 40200.00-40800.00 from Ichimoku Flat/Chikou Cusp areas
- 30300.00 from Ichimoku Flat/Cuspid Chikou 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 back below the 0.618 level.

Conclusion:
The BTC has indeed broken its ascent and after the Kijun Trend Indicator also the Kumo is performing the twist. Same situation on the weekly time frame. It is very important to monitor the price especially when it is inside the Kumo, which means unpredictability to observe if the Kumo itself will continue to act as support or if it will turn into resistance.

Also, referring to the well-known exponential moving averages often used in the Crypto market on the 200, 50 and 20 periods, the averages themselves performed a downward cut this week.

It is important to evaluate the closing of the week - especially for the Kumo Twist - and during the week on the following price structures, with emphasis on the sideways momentum:
- Bullish: 41200.00
- Bearish: 39400.00

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

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