Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub
The Crypto Frog uses its Ichimoku Analysis Process 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:
Resistances
Macro Trend Analysis using Kumo:
- Tendency: The long term uptrend that we can identify by looking at the Kumo has weakened a lot and is coming towards its end, the Kumo is now very thin and the Senkou Span B and Senkou Span A are flat and very close, confirming the weakening described in the previous week.
The medium term trend is sideways with a bearish bias considering that the Tenkan Sen is below the Kijun Sen and at this moment both are flat.
The price continues to be also below the Tenkan Sen, confirming the downtrend even in the very short term.
- Price: The price is below the Tenkan Sen, below the Kijun Sen and inside the Kumo, confirming the bearish bias anticipated the previous week and underlining a moment of unpredictability. Also during the week the price bounced off the Senkou Span B which acts as a very important support.
- Width: The Kumo right now is super thin and flat and could execute a twist at any moment. Of particular interest is the bearish Senkou Span A.
- Evolution: thinning transmits a general feeling of overbought, now flat.
Resistances
- 47400-47900 strong price structure by Senkou Span B and Kijun
- 46241
- 43986-44688
- 41060 generated by Senkou Span B and Kijun
- 38330-39655 generated by Senkou Span B
- 35000-37704
- Tenkan: always flat on 44221
- Kijun: always flat on at 46260
Volumes:
Volumes also vary significantly from day to day, with increases in red candles.
Heikin-Ashi:
The Heikin-Ashi validates the sideways and bearish momentum. Especially interesting are the red candles without upper shadow, which confirm the continuous bearish momentum.
Fibonacci
CryptoFall, which identifies Fibonacci levels, still shows us a positive sentiment and places the 0 upwards on 100000 and we are now in the equilibrium point 0.5 right on 50000.
At this moment the price - after several attempts - did not go over the 0.5 level and is going towards 0.618, further confirmation of what is happening. As described in the previous analysis, the 0.618 level is the bastion of the uptrend as it tends to indicate "healthy" retracements. It will be interesting to observe if this level and if it will act as a support or not.
At the moment, BTC was not able to overcome the threshold of 50000 and this led - together with some fundamental elements such as the (umpteenth) ban in China, the general situation on the markets, the tapering and the Evergrande crisis - to a retracement of the price to the previous levels. Moreover - according to Bitcoin cyclic analysis - we are approaching the last Friday of the month - when derivatives expire - considering that historically September is a red month.
Considering the bearish sentiment and the price that could generate unpredictable movements we recommend caution and to wait for the development of the situation, for which changes are expected by the end of the month.
Thanks for your attention, happy to support the TradingView community.
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