Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

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 56 days, tapering slightly (now at about 15.54%). Again, all lines indicate a general downtrend. On the short term Tenkan crossed the Kijun in a downtrend. So the scenario continues to be bearish anyway.

The Kijun Trend indicator always indicates looking for short positions. The price was around the Kijun but did not make it past it and was rejected.

Heikin-Ashi:
For the week the Heikin-Ashi indicates a sharp downtrend.

Supports and resistances:
- 75000.00 from Fibonacci
- 67000.00 from all-time high
- 66001.41 from all-time high of the Chikou
- 51800.00-52600.00 from Ichimoku Flat/cusp areas of the Chikou
- 49000.00-51000.00 Fibonacci, psychological threshold and Kijun Weekly
- 44400.00-45600.00 from Ichimoku Flat/cusp areas of the Chikou
- 41200.00 from Ichimoku flat/cusp areas of the Chikou
- 39400.00 from Ichimoku flat/cusp areas of the Chikou
- 37000.00 from Ichimoku flat/cusp areas of the Chikou
- 35700.00 from Fibonacci
- 35000.00 from Ichimoku flat/cusp areas of the Chikou
- 33500.00 from Ichimoku flat/cusp areas of the Chikou
- 30300.00 from Ichimoku Flat/cusp areas of the Chikou
- 28700.00 from Ichimoku Flat/cusp areas of the Chikou
- 25000.00 from Fibonacci

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:
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 now very close to level 1 at 25000.00 and 0.786 on 35700.00.


Conclusion:
BTC continues to be in a downtrend on the daily and weekly time frame. All lines confirm this and the Kijun both daily and weekly have fallen abruptly, particularly on the daily this has allowed the price to go above the Kijun. A strong downtrend is present.

The well-known exponential moving averages often used in the Crypto market on the 200, 50 and 20 periods are aligned in downtrend.

A significant element is provided by the Hosoda waves that are posed with a bearish impulse with the following targets:
- V: 21001
- NT: 16608.16
- N: 10909.16
- E: 5210.16

It is important to assess the close of the week and during the week on the following price structures:
- Bullish/Lateral: 28600.00
- Bearish: 27000.00

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: Abrupt decrease.

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