Weekly Analysis BTC via Ichimoku

1 Sep 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 is back in the red again, now 5 days but still very thin (about 2.6%). The situation has changed a lot since the last analysis and now all lines indicate a bearish movement with a sideways bias.

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

Heikin-Ashi:
The Heikin-Ashi confirms the bearish price movement: red candles and Kumo.

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 Chikou cusp level or flat zones of Kijun and Tenkan
- 12700.00 from the waves of Hosoda
- 11000.00-13000.00 Chikou cusp level or flat zones of Kijun and Tenkan

For the various static price structures, reference can be made 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:
BTC's situation has changed significantly. The price is now again in a downtrend having failed to break above the now-again red Kumo.

The well-known exponential moving averages often used in the Crypto market on the 200-, 50- and 20-period are once again aligned in downtrend, widening and have effected in death cross.

Hosoda waves indicate a downtrend target, right now target V has been touched and are at interesting levels as supports.

From a fundamental perspective, Powell's speech impacted both equities and cryptos. Given the outlook, it's hard to think of an uptrend in the short term.


It is important to assess the close of the week and during the week on the following price structures:
- Bullish/Lateral: 22000.00
- Bearish: 19100.00

Altcoin Cycle:
For Bitcoin Dominance and Altcoin Cycle we can consider the weekly variation:
- Total cryptocurrency market capital: Decreased
- BTC Dominance: 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