Weekly Analysis BTC via Ichimoku

١٣ فبراير ٢٠٢٣

Good start to the week,

Let us analyze at a glance the daily chart of BINANCE:BTCUSDT with Ichimoku Kinko Hyo. We use the traditional settings. There are other indicators in the analysis. We have developed and released them Open Source.

Trend:
Kumo has been green for 44 days and is about 9.9% wide. It has expanded further since the last analysis and but has flattened out. In the short/medium term the situation is bearish: price is below the tenkan, the tenkan is moving below the kijun. In the long term it's sideways/ bullish. In addition, the price, if it stays on this level, could enter the kumo again. There is uncertainty though.

The Kijun Trend indicator now indicates looking for short positions.

Heikin-Ashi:
The Heikin-Ashi confirm the strong short- and medium-term bearish movement.

Supports and resistances:
- 25000.00 Fibonacci
- 24400.00 Chikou cusps and flat zones of Kijun and Tenkan
- 23700.00 Chikou cusps and flat zones of Kijun and Tenkan
- 21200.00 Chikou cusps and flat zones of Kijun and Tenkan
- 20200.00 Chikou cusp level or flat zones of Kijun and Tenkan
- 19100.00 Fibonacci

For static price levels, the lower right chart plots the flat zones of Tenkan, Kijun, Senkou Span A and Senkou Span B on different timeframes, and the Chikou for the daily time frame.

For dynamic price levels, the Ichimoku lines can be observed: the Tenkan Sen (short term), the Kijun Sen (medium term) as well as the Senkou Span A and Senkou Span B (long term).

Conclusions:
The situation is bearish/lateral and very uncertain.

Hosoda waves calculated on an ABC pattern representing sideways momentum shows the following price levels on the waves: 24160 (N), 27700 (NT), 25621 (E) and 25421 (V).

From a fundamental point of view, we are waiting for inflation and retail sales data. Also, Paxos was attacked by the SEC in connection with BUSD, which brought further distrust to the Crypto market. This ties in with the fight against staking in the U.S., as with the Nexo platform.

It is important to assess the price close during the week on the following price structures:
- Bullush: 22400.00
- Bearish/Lateral: 21300.00.

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: Collapsed.

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