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 additional indicators that we have developed and released Open Source, you can find them at the end of the analysis.

Trend:
As described last week, exactly 7 days ago Kumo turned red and currently has a thickness of about 1.85%.
The market is in a downtrend situation - confirmed by Tenkan and Kijun and the price is below the Kumo, below the Tenkan on both daily and weekly timeframes - and has a sideways bias.


The Kijun Trend indicator always indicates the search for short positions.

Heikin-Ashi:
After three green candles, now a series of particularly "strong" red candles have taken the price in and below the Kumo, confirming a moment of indecision.


Supports and resistances:
- 75000.00 from Fibonacci
- 67000.00 from historical high
- 66001.41 from the all-time high of 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 by areas Ichimoku Flat/Chikou Cusps
- 41200.00 by Ichimoku Flat/Cuspid Chikou areas
- 39400.00 from Ichimoku Flat/Cuspid areas of Chikou
- 37000.00 from Ichimoku to Chikou Plains/Cuspid areas
- 35000.00 from Ichimoku Chikou flat/peak areas
- 33500.00 from Ichimoku Flat/Cuspid areas of Chikou
- 30300.00 by areas Ichimoku Flat/Cuspids of Chikou


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 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 still show us a long-term positive sentiment and puts the 0 on the upside at 75000.00. The price is back below the 0.618 level.

Conclusion:
BTC is in a downtrend with a sideways bias on the daily and weekly time frames. Last week's Kumo volatility, as indicated in concert by the various indicators and the Kumo itself, has turned from support to resistance.

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

From a fundamental point of view, a bullish impulse is possible on the week to launch a BTC Spot ETF.

It is important to evaluate the closing of the week and during the week on the following price structures:
- Bullish: 41250.00
- Bearish: 39400.00

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: Marked Downtrend ccc

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