Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub
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 has been red for 21 days, getting thicker (now at about 9.64%) and is totally downtrending. All of the Ichimoku lines indicate a downtrend both individually and considered in their combinations.
The Kijun Trend indicator always indicates the possibility of seeking short positions.
Heikin-Ashi:
A series of particularly "strong" red candles continue below the Tenkan. Here too the Kumo is red, expanding and looking down.
Supports and resistances:
- 75000.00 from Fibonacci
- 67000.00 from historical high
- 66001.41 from Chikou all-time high
- 51800.00-52600.00 from Ichimoku Flat/Cusp areas of Chikou
- 49000.00-51000.00 Fibonacci, Psychological Threshold and Kijun Weekly
- 44400.00-45600.00 by areas Ichimoku Flat/Chikou Cusps
- 41200.00 by Ichimoku Flat/Cuspid Chikou areas
- 39400.00 from Ichimoku Flat/Cuspid areas of Chikou
- 37000.00 from Ichimoku Chikou flat/cuspid areas
- 35700.00 by Fibonacci
- 35000.00 from Ichimoku Chikou flat/cuspid areas
- 33500.00 from Ichimoku Flat/Cuspid areas of Chikou
- 30300.00 by areas Ichimoku Flat/Cuspids of Chikou
- 25000.00 by Fibonacci
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 on the Daily still show us a long-term positive sentiment and puts the 0 on the upside at 75000.00. The price is now at the 0.786 level.
Looking at the 4H levels we see that the market range has narrowed and is now in the 25000.00-50000.00 range.
Conclusion:
The BTC is in a downtrend situation on the daily and weekly time frame. All lines confirm this.
Even the well-known exponential moving averages often used in the Crypto market on the 200, 50 and 20 periods are lined up in a downtrend.
From a fundamental standpoint the war and inflation situation, the dollar bring negativity to the markets. Right now BTC is correlated to US equities and in particular the NASDAQ and SP500 and they move in unison.
It is important to evaluate the close of the week and during the week on the following price structures:
- Bullish: 37000.00
- Bearish: 35000.00-33366.50
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
- Alt Cycle Expectation: Stable (but with a Downtrend as also the MarketCap is going down and the dominance of Stable-coins are increasing).
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
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 has been red for 21 days, getting thicker (now at about 9.64%) and is totally downtrending. All of the Ichimoku lines indicate a downtrend both individually and considered in their combinations.
The Kijun Trend indicator always indicates the possibility of seeking short positions.
Heikin-Ashi:
A series of particularly "strong" red candles continue below the Tenkan. Here too the Kumo is red, expanding and looking down.
Supports and resistances:
- 75000.00 from Fibonacci
- 67000.00 from historical high
- 66001.41 from Chikou all-time high
- 51800.00-52600.00 from Ichimoku Flat/Cusp areas of Chikou
- 49000.00-51000.00 Fibonacci, Psychological Threshold and Kijun Weekly
- 44400.00-45600.00 by areas Ichimoku Flat/Chikou Cusps
- 41200.00 by Ichimoku Flat/Cuspid Chikou areas
- 39400.00 from Ichimoku Flat/Cuspid areas of Chikou
- 37000.00 from Ichimoku Chikou flat/cuspid areas
- 35700.00 by Fibonacci
- 35000.00 from Ichimoku Chikou flat/cuspid areas
- 33500.00 from Ichimoku Flat/Cuspid areas of Chikou
- 30300.00 by areas Ichimoku Flat/Cuspids of Chikou
- 25000.00 by Fibonacci
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 on the Daily still show us a long-term positive sentiment and puts the 0 on the upside at 75000.00. The price is now at the 0.786 level.
Looking at the 4H levels we see that the market range has narrowed and is now in the 25000.00-50000.00 range.
Conclusion:
The BTC is in a downtrend situation on the daily and weekly time frame. All lines confirm this.
Even the well-known exponential moving averages often used in the Crypto market on the 200, 50 and 20 periods are lined up in a downtrend.
From a fundamental standpoint the war and inflation situation, the dollar bring negativity to the markets. Right now BTC is correlated to US equities and in particular the NASDAQ and SP500 and they move in unison.
It is important to evaluate the close of the week and during the week on the following price structures:
- Bullish: 37000.00
- Bearish: 35000.00-33366.50
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
- Alt Cycle Expectation: Stable (but with a Downtrend as also the MarketCap is going down and the dominance of Stable-coins are increasing).
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
- Scalping The Bull Indicator: linktr.ee/scalpingthebull
- Scalping The Bull Training: tinyurl.com/corsoindicatorepro
- AlgoTrading Training: tiny.one/corsopinescriptbase
- Crypto News: t.me/joinchat/StkXJM
- Scalping The Bull Training: tinyurl.com/corsoindicatorepro
- AlgoTrading Training: tiny.one/corsopinescriptbase
- Crypto News: t.me/joinchat/StkXJM
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