Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

20 Feb 2022

Good weekend,

As usual, here's our weekend analysis for the week's trades by our Indicators now available Open Source by looking at a glance at the BINANCE:BTCUSDT Daily chart using the “Traditional” settings with the Ichimoku Kinko Hyo.

Tendency:
Two days ago the Kumo turned green, a good sign for the bulls, but the considerable uncertainty continues considering that the price continues to fail to overcome the Kumo for about two weeks. Many of the lines describe a downtrend situation. Particularly significant is the downward overshoot of the Kijun.

Also the Kijun Trend Indicator - which two weeks ago indicated the possibility to look for long positions, after these last candles could indicate a trend reversal.

Supports and Resistances in the area and not only:
- 75000.00 by Fibonacci
- 67000.00 by Historical Maximum
- 66001.41 by All-time-high Chikou
- 51800.00-52600.00 from Ichimoku Flat areas/Chikou Cusps
- 40500.00-40700.00 from Ichimoku Flat areas/Chikou Cusps
- 33500.00 from Ichimoku Flat areas/Chikou Cusps
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 Current timeframe.

Moreover, let us remember that the various lines of the Ichimoku serve as 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).

Heikin-Ashi:
The Heikin-Ashi confirmed the Kumo rejection that stopped the green series and after a pause with some green candlers still indicates the downtrend momentum.

Fibonacci
CryptoFall, which identifies Fibonacci levels, still shows us a long-term positive sentiment and places the 0 upwards on 75000. Price was not able to overcome the 0.618 and going back to 0.786.

Conclusions:
BTC continues to show the desire to go up but right now the uncertainty - the price inside the Kumo - is the master.

From a fundamental point of view we can correlate this situation to the current geopolitical situation - considering that the first news of troop redeployment generated a bullish impulse on the market - but as technical analysts we always refer to the chart as "the market discounts everything".

It is important to evaluate the closing of the week on the following price structures:
- Bullish 45000
- Bearish 40500-41500

For the Bitcoin Dominance and Altcoin Cycle we can consider the Weekly variation:
- Total Crypto Market Cap: Decreased
- Dominance of BTC: Increased
- Price of BTC: Increased
- Alt Cycle Expectation: Decrease

Thanks for your attention, happy to support the TradingView community.