Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

29 thg 5, 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 in support other indicators that we developed and released Open Source, you can find them at the end of the analysis.

Trend:
Kumo has been red for 42 days, slowly starting to narrow from the past week (now at about 13.68%) as the Senkou Span declines and in fact continues to tilt downward. Kijun and Senkou Span B are flat, while all other lines indicate a downtrend.

The Kijun Trend indicator always indicates looking for short positions.

Heikin-Ashi:
Throughout the week the Heikin-Ashi indicates a downtrend with sideways bias, and price is attracted to the Tenkan.

Supports and resistances:
- 75000.00 from Fibonacci
- 67000.00 from all-time high
- 66001.41 from all-time high of the 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 from Ichimoku Flat/cusp areas of the Chikou
- 41200.00 from Ichimoku flat/cusp areas of the Chikou
- 39400.00 from Ichimoku flat/cusp areas of the Chikou
- 37000.00 from Ichimoku flat/cusp areas of the Chikou
- 35700.00 from Fibonacci
- 35000.00 from Ichimoku flat/cusp areas of the Chikou
- 33500.00 from Ichimoku flat/cusp areas of the Chikou
- 30300.00 from Ichimoku Flat/cusp areas of the Chikou
- 28700.00 from Ichimoku Flat/cusp areas of the Chikou
- 25000.00 from Fibonacci

For the various static price structures you can 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 positive long-term sentiment and places the 0 upside on 75000.00. Price is now between level 1 at 25000.00 and 0.786 on 35700.00.

Conclusion:
BTC continues to be in a downtrend on the daily and weekly time frame. All lines confirm this and only the Kikun and Senkou Span B are flat. The Weekly Kijun is falling abruptly and going near the Tenkan Weekly.

The well-known exponential moving averages often used in the Crypto market on the 200, 50 and 20 periods are also lined up in downtrend and continue to fan out.

An interesting element is the Hosoda waves that signal an ABC pattern with the C point on the 2022-05-12 low, there are no rising lows and in fact the NT target is at 16245.00 while the N target is at 37734.84. Levels to consider.

From a fundamental point of view, it is interesting to note that U.S. equities is rising up and not crypto, as well as aspects related to conflict and rising commodity prices.

It is important to evaluate the closing of the week and during the week on the following price structures:
- Bullish: 30300.00
- Bearish: 28700.00

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

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