Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

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 85 days, expanding (now at about 22%). The situation is more uncertain this week. Senkou Span A and Span B, Kijun and Tenkan are flat, indicating a sideways moment in the downtrend. Price is above the Kijun, indicating some appetite for recovery but still pegged to the same line.

The Kijun Trend indicator as of today indicates looking for long positions, although the indication is weak, considering that price is still very close to the Kijun, which also tends to move lower.

Heikin-Ashi:
For the week the Heikin-Ashi indicates an uptrend last week, which stopped only on Sunday.

Supports and resistances:
- 25000.00 by Fibonacci
- 22400.00-22600.00 Chikou cusp level or flat areas of Kijun and Tenkan
- 21001.00 from Hosoda waves
- 20200.00 Chikou cusp level or flat zones of Kijun and Tenkan
- 20000.00 psychological threshold
- 19100.00-18900.00 Chikou cusp level or flat zones of Kijun and Tenkan
- 16608.16 from Hosoda waves
- 10909.15 from the waves of Hosoda
- 11000.00-13000.00 level Chikou cusps or flat zones of Kijun and Tenkan

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:
Fibonacci levels on the Daily still show us a positive long-term sentiment and places the 0 upside on 75000.00. Price is still below the 1 level, should it stay it will update accordingly.

Conclusion:
The BTC, after a week where it came to break the 22000 threshold at least with a high, has turned exquisitely bearish and presents a weak hint of a restart, which must be confirmed at least by the crossing of the indicated level.

The well-known exponential moving averages often used in the Crypto market on the 200, 50 and 20 periods are aligned downtrending but price reached the longest EMA.

The Kijun trend is indicative of looking for long positions, but the Hosoda waves continue to indicate downtrend targets:
- V: 13356
- NT: 11377
- N: 7111
- E: 2845

It is important to assess the close of the week and during the week on the following price structures:
- Bullish/Lateral: 22400.00
- Bearish: 19000.00

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

Thanks for your attention, happy to support the TradingView community.

Indicators used:
Analysis Tool