Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

20 במרץ 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:
Uncertainty remains. The Kumo returned red three days ago but is very thin. The Senkou Span B and the Senkou Span A are flat and still convey a sideways situation.

On the other hand, in the short and medium term we have a positive basic situation: The price has overtaken the Kumo on the upside, as well as the Kijun - and the Kijun Trend indicator shows an uptrend again - and the Tenkan is just above the Kijun. With the March 16 movement, the price has overcome many resistances, including the Tenkan Weekly.


Heikin-Ashi:
The Heikin-Ashi describes an uptrend situation with a series of green candles but right now they are inside the Kumo, so the uncertainty is not over yet.

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
- 44400.00-45600.00 from Chikou Ichimoku Flat/Cuspid areas
- 40200.00-40800.00 from Ichimoku Flat/Cuspid Chikou 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:
Fibonacci levels still show us a positive long term sentiment and puts the 0 on the upside at 75000.00. The price is still stable between the 0.618 and 0.718 levels.

Conclusion:
The BTC confirms the willingness to go up - we are on the fourth upward cut of the Kijun - but uncertainty continues. It is interesting to consider - at the Bias level - that the days of the next week are usually red but in March the situation is less marked.

From a fundamental point of view the instability of the geopolitical situation continues and it still has no definite solution, and the market discounts everything.

It is important to evaluate the closing of the week and during the week on the following price structures, with emphasis on the sideways momentum:
- Bullish: 40200.00-40800.00
- Bearish: 42500.00 (weak) and 44400.00-45400.00

Altcoin Cycle:
For Bitcoin Dominance and Altcoin Cycle we can consider the weekly variation:
- Total Cryptocurrency Market capital: Increased
- BTC dominance: Decreased
- Price of BTC: Increased
- Expectation of Alt cycle: Fast increase

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