Weekly Analysis BTC via Ichimoku

30 ม.ค. 2023

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 30 days and is 7% wide. It has expanded since the last analysis and is now flat again. The situation is always bullish/lateral on the long term but on the short term the bullish momentum has stopped and the price is now below the Tenkan.

The Kijun Trend indicator always indicates looking for long positions.

Heikin-Ashi:
The Heikin-Ashi confirms the bullish movement. After compression now a candel is forming without a body but with a very wide range.

Supports and resistances:
- 25000.00 Fibonacci
- 24400.00 Chikou cusps and flat zones 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, but with a specific lateral/bear momentum.

Hosoda waves indicate a new ABC pattern with interesting price levels on the waves: 21685 (N), 29254 (NT), 14124 (E) and 8695 (V).

From a fundamental point of view, there is caution waiting for FED data and quarterly reports, particularly from technology firms. But over the long term, bullish sentiment remains.

It is important to assess the price close during the week on the following price structures:
- Bullish: 24400
- Bearish/Lateral: 22400.00 and the Tenkan.

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