Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

24 באוק׳ 2021Good good weekend everyone,

The Crypto Frog uses its Ichimoku Analysis Process by looking at a glance at the BINANCE:BTCUSDT Daily chart using the “Crypto Market Settings” for the indicator as 10-30-60-30:

Macro Trend Analysis using Kumo:

• Tendency: The market continues to have a long term bullish trend (green Kumo) even though right now it is sideways as the price is retracing after the all-time high it touched during the week - quite a characteristic movement and one that could be quite important.
  
  It is sideways in the medium term as indicated by the flat Kijun, as well as in the medium-long term as indicated by the almost flat Senkou Span A and Senkou Span B
  
  Short-medium term can look bullish as indicated by Tenkan looking hopefully upwards, but it is important to note that the average calculation of the highs and lows of the periods is highly influenced by the historical high, so it does not indicate much strength.
  
  Currently in fact the price is below Tenkan.
  
• Price: The price is above the Kumo, under the Tenkan Sen and the Kijun Sen and is lateralizing in the defined price structures.
  
• Width: Kumo is now green, with some stable width.
  
• Evolution: flat
  

Static Supports and Resistances in the area:
Resistances

• 75000.00 by Fibonacci
  
• 67000.00 by Historical Maximum (too much precise)
  
• 66001.41 by All-time-high Chikou
  

Supports

• 58000.00 strong price structure by flat lines
  
• 53800.00-54000 strong price structure by flat lines
  

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.
Dynamic

• Tenkan: slightly uptrend (with an all-time-high bias)
  
• Kijun: flat
  
  • Volumes:
    Stable
    Heikin-Ashi:
    trend reversed with strenght
    Fibonacci
    CryptoFall, which identifies Fibonacci levels, still shows us a positive sentiment and places the 0 upwards on 75000.
    
    The price reached and then was rejected at the 0.236 level, confirmed the all-time high, in this moment it is downward
    ConclusionsConsidering that last week the all-time-high was touched, now the price is retracing.
    
    It is important to evaluate the closing of the week on the following price structures: 58000 (bearish bias), on 62000 (sideways bias) or 63000 (bullish bias).
    
    Considering the Bias, often the price at the end of the month falls and on the last Friday of the month the derivatives expire.
    
    The frog is cautious when BTC.D goes down, BTC goes down and normally this leads to important alts. Particularly delicate situation considering also the descent of the total market cap.
    
    
    Thanks for your attention, happy to support the TradingView community.