Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

24. Juli 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 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 98 days, tightening fast (now at about 12%). The situation is always uncertain: long-term downtrend, medium-term uptrend, short-term downtrend. Price this week entered the Kumo, as anticipated last week, indicating great uncertainty, and right now is attracted to Senkou Span A.

The Kijun Trend indicator continues to indicate looking for long positions but price continues to be particularly close to the Kijun.

Heikin-Ashi:
For the week the Heikin-Ashi indicate a mainly bullish trend, and price is now colliding with the Kumo. Recall that-the way they are calculated-the Heikin-Ashi cleans the signal but arrives late.

Supports and resistances:
- 25000.00 by Fibonacci and Tenkan Weekly
- 22400.00-22600.00 Chikou cusp level or flat zones of Kijun and Tenkan
- 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
- 12700.00 from the waves of Hosoda
- 11000.00-13000.00 Chikou cusp level 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 and trying to get closer.

Conclusion:
BTC shows a bearish trend on the short term, but the situation is rather uncertain as inside Kumo and the price is attracted right now to Tenkan. There are important levels to overcome such as the area around 25000.00 where the Tenkan Weekly is, further resistance and, however, the Kumo itself.

The well known exponential moving averages often used in the Crypto market on the 200, 50 and 20 periods are aligned in downtrend but still the price has exceeded the 200 and is now being rejected by the 50.

The Kijun trend is indicating looking for long positions and right now the Hosoda waves indicate an upward target. Although the NT target is below price the N target was reached with a spike :
- E: 27423
- V: 26143
- N: 23816
- NT: 20199

It is important to assess the close of the week and during the week on the following price structures:
- Bullish/Lateral: 24600.00-25000.00
- Bearish: 21600.00-21400.00

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: Decreased.
- Alt Cycle Expectation: Pump.

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