Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

6 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:
As indicated by several weeks, there continues to be a lot of uncertainty and volatility. Although the Kumo has turned green and has not changed color for six days, the Senkou Span B and Senkou Span A, Tenkan and Kijun are currently flat and looking at the various lines as an orchestra we find a downtrend situation with a sideways bias. Only the Tenkan is above the Kumo but the Tenkan Weekly continues to be below the Kijun Weekly.

The Kumo of the present is in fact still rather large and acts as a very important structure: the price is literally glued to the Kumo. Also note the importance of the Tenkan Weekly which often repels the price.

Also the Kijun Trend Indicator continues to change color abruptly. The last two overshoots were made with a clear bullish candle even if then the price quickly turns back

Heikin-Ashi:
The Heikin-Ashi is perhaps a better representation of the price trend at the moment as it removes some background noise and well represents the impossibility to break through the Kumo where the shadowless candles represent sharp price movements. In any case, the bullish Kumo on the Heikin-Ashi suggests a long-term bullish movement.

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
- 40500.00-40700.00 from Chikou's Ichimoku Flat/Cuspid 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:
The Fibonacci levels still show us a positive long-term sentiment and puts the 0 on the upside at 75000.00. The price failed to break above the 0.618 level and continues towards 0.718.

Conclusion:
The situation is very similar to what has been anticipated for at least two weeks. The BTC continues to show the desire to rise but at this time the uncertainty and the presence of the price in or around the Kumo makes it the master.
From a fundamental point of view we can correlate this situation to the current geopolitical situation, still unstable that the market discounts through the presence of volatility and pessimism.


It is important to evaluate the closing of the week on the following price structures, with emphasis on the lateral momentum:
- Bullish 40400.00-40700.00
- Bearish 37000.00

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: Increased
- Expectation of Alt cycle: Decrease Fast (dump)

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