Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

Good weekend,

As usual, here's our weekend analysis for the week's trades by our Ichimoku Analysis Tool (now available Open Source) with its toolset by looking at a glance at the BINANCE:BTCUSDT Daily chart using the “Traditional” settings with theIchimoku Kinko Hyo.

Macro Trend Analysis using Kumo:

• Tendency: BTC continues to be in a downtrend now from 44 candles. Kijun Trend Indicator is still indicating a downtrend.
  All the medium-term lines confirm the downtrend and some sideways bias (Kijun Flat), although the Kijun is under the Tenkan. In general the behavior of the last weeks is confirmed.
  
• Price: The price is under the red Kumo and Chikou is under the price.
  

Supports and Resistances in the area:

• 75000.00 by Fibonacci
  
• 67000.00 by Historical Maximum (too much precise)
  
• 66001.41 by All-time-high Chikou
  
• 51800.00-52600 strong price structure by flat lines
  
• 49140 Kijun Weekly
  
• 40500-40600 from Ichimoku Flat areas/Chikou Cusps
  

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 Current timeframe.

Moreover, let us remember that the various lines of the Ichimoku serve as 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).

Heikin-Ashi:
The Heikin-Ashi confirms the downtrend movement, even if some green Japanese Candles.

Fibonacci
CryptoFall, which identifies Fibonacci levels, still shows us a positive sentiment and places the 0 upwards on 75000. Price is under 0.618, which is the lower limit for normal retracement.

Conclusions
BTC continues to be in a downtrend. It has broken the lows of the sideways channel that had been created, closing below the low of December 4 and - in this case - there was no immediate absorption of that level. Because of that the ABC Pattern previously identified was invalidated.

In general, our Kijun Trend Indicator is still short.

It is important to evaluate the closing of the week on the following price structures:
Bullish 44000-45500
Sideways 43200
Bearish 40100

For the Bitcoin Dominance and Altcoin Cycle we can consider the Weekly momentum:
- Total Crypto Market Cap: Decreased
- Dominance of BTC: Increased
- Price of BTC: Decreased
- Alt Cycle Expectation: Decrease Fast (Dump)


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