Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

8 sept 2022

Happy midweek,

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 consistently red for 12 days and expanding (about 6%). The Ichimoku pattern indicates a general downtrend with a sideways bias over the very long term.

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

Heikin-Ashi:
Heikin-Ashi confirmed the bearish price movement: almost always red candles since the top of the Kumo was touched.

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, 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, 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 the 1 level.

Conclusion:
Since the 25000.00 level was touched The situation has changed considerably and a clear downtrend is present.

Hosoda waves indicate a downtrend target in the last ABC pattern found: 19252 (target reached), 18463.75, 18196.25, 17140.

From a fundamental point of view, and in general markets, the situation is of general downtrend considering the FED's economic policy, the European energy crisis, and a slowdown in the Asian market.


It is important to assess the close of the week and during the week on the following price structures:
- Bullish/Lateral: 21800.00
- Bearish: 18100.00

Altcoin Cycle:
For Bitcoin Dominance and Altcoin Cycle we can consider the weekly variation:
- Total cryptocurrency market capital: Decreased
- Dominance of BTC: Decreased.
- Price of BTC: Decreased.
- Alt cycle expectation: Stable.

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