Weekly Analysis BTC via Ichimoku Good start to the week,
We resumed our weekly analysis. Let us look at a glance at 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 16 days and is 1.4% wide. It is thin and looking upward. In concert the situation is bullish. Importantly, the price has crossed the Tenkan and the weekly Kumo and is now on significant price levels.
The Kijun Trend indicator has been indicating since January 10 to look for long positions.
Heikin-Ashi:
The Heikin-Ashi confirm the bullish movement. There are many green candles without shadows below.
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
- 20400.00 Kijun weekly
- 20200.00 Chikou cusp level or flat zones of Kijun and Tenkan
- 19100.00 Fibonacci
- 18400.00 Tenkan weekly
For static price levels, the lower right chart plots the Tenkan, Kijun, Senkou Span A and Senkou Span B flat zones 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.
The Hosoda waves indicate a bullish ABC pattern since Dec. 19, with targets at 17036.6, 19168.25, 20519.6, 21229.9, all hit by price.
From a fundamental point of view, there is a lot of focus on inflation. Inflation expectations in the U.S. have fallen, and the pace of rate hikes by the FED is expected to be reduced. Consumers have confidence and it brings a rise in indexes such as the NASDAQ, weakening of the dollar and a rise in the BTC.
It is important to assess the close of the week and during the week on the following price structures:
- Bullish/Lateral: 21400.00-22400.00
- Bearish: 20400.00
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
