Weekly Analysis BTC via Ichimoku

20 Feb 2023

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 51 days and is about 9.9% wide. It has been up since the last analysis and always flat. In the short/medium term, the situation is now bullish/lateral: price is above Tenkan and Kijun. Tenkan and Kijun are flat on the same level.

The Kijun Trend indicator now indicates looking for long positions, which changed from last week.

Heikin-Ashi:
The Heikin-Ashi confirms the bullish movement of the past week.

Supports and resistances:
- 29800.00 Chikou cusps and flat areas of Kijun and Tenkan.
- 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 cusps and 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 bullish/lateral.

Hosoda waves calculated on a new ABC pattern representing the sideways momentum shows the following price levels on the waves: 24160 (N), 20202 (NT), 26010 (E) and 27158 (V).

From a fundamental point of view, the challenge between FED and Markets continues, where despite the promise to raise interest rates, the stock market is still up. This week also includes the FOMC meeting and MoM data.

It is important to assess the price close during the week on the following price structures:
- Rizalist: 25000.00-26101.00
- Bearish/Lateralist: 23100.00-22440.00

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

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