Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

Good good weekend everyone,

The Crypto Frog uses its Ichimoku Analysis Process with its toolset by looking at a glance at the BINANCE:BTCUSDT Daily chart using the “Crypto Market Settings” for the indicator as 10-30-60-30:

Macro Trend Analysis using Kumo:

• Tendency:The long-term trend is bullish considering that the Kumo Twist occurred 40 days ago but the trend is really weakened and is retracing from the all-time-high. The price is still above the present kumo but is neutral from the future Kumo.
  
  The medium term trend is sidewise as the Tenkan is above the Kijun (but both are influenced by the all-time-high) and they are flat or with tiny movement. Price is above the Kijun and just touched it, but has not enough strength to cross the Tenkan and it is between the lines.
  
  The short term trend is bearish as at the moment as the price is between the Tenkan and Kijun using the Tenkan as a resistance.
  
• Price: The price is above the Kumo and Chikou is above 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
  
• 58000.00 strong price structure by flat lines
  
• 53800.00-54000 strong price structure by flat lines
  

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:
After bouncing on the Kijun the price is still red, with a candle without an upper shadow, a sign of strong downtrend.
Fibonacci
CryptoFall, which identifies Fibonacci levels, still shows us a positive sentiment and places the 0 upwards on 75000.

The price reached and then was rejected at the 0.236 level, at this moment it is sideways cornirming the last analysis.

Conclusions
The price is retracing after the all-time high.

It is important to evaluate the closing of the week on the following price structures: 62000 (bearish bias), 63000 (sideways bias) or 65000 (bullish bias).

The frog is always cautious in these sideways moments as we are in a retracement. Touching the indicated resistances and Kijun could bring a good opportunity to accumulate BTC or to trade in lower timeframes.

It is interesting to evaluate the Hosoda Waves in this context using the previous bullish leg as points A, B and C. Interesting targets are:
- Wave E: 76562
- Wave V: 66240
- Wave N: 63242

For altcoins we can consider:
- Total Crypto Market Cap: stable
- Dominance of BTC slightly stable
- Dominance of stable coin: increasing
- Dominance of altcoins increasing and ETH: decreasing.

So, there are good opportunities with caution to accumulate BTC and ETH and trade on some alt, on confirmation of this status for the weekly close.



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