Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

26 de set. de 2022

Good start to the week,

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 30 days and is expanding (currently at about 9.8%). In concert the situation is bearish and slightly flat over the long term. Now the price is on the Tenkan so in a balanced situation on the short term.

The Kijun Trend indicator continues to indicate looking for short positions.

Heikin-Ashi:
The Heikin-Ashi confirms the bearish movement.

Supports and resistances:
- 25000.00 by Fibonacci
- 24600.00 Tenkan Weekly
- 23400.00 Chikou cusp level or flat zones of Kijun and Tenkan
- 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 level cusps Chikou or flat zones of Kijun and Tenkan
- 17080.00level cusps Chikou or flat zones of Kijun and Tenkan
- 12700.00from the waves of Hosoda
- 11000.00-13000.00 level cusps Chikou or flat zones of Kijun and Tenkan

For the various static price structures, reference can be made to the chart where the structures identified by the flat moments of Tenkan, Kijun, Senkou Span A and Senkou Span B on different timeframes, also Chikou for the daily time frame, are plotted.

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 on the Daily still show us a positive long-term sentiment and places the 0 to the upside on 75000.00. Price is moving away from level 1 represented by 250000.00

Conclusion:
The situation is bearish as all the lines indicate.

Hosoda waves indicate an ABC pattern with targets at 17741.19, 22414.21, 27087.23, 27472.02.

From a fundamental point of view, between war, inflation, and energy issues, the situation is not changing and the markets will probably not improve before these issues are resolved either. Etherium's move to PoS has also been received more as a "sell the news."

It is important to assess the close during the week on the following price structures:
- Bullish/Lateral: 21800.00-22400.00
- Bearish: 18773.00

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: Decreased.
- Alt Cycle Expectation: Decreased fast.

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