Weekly Analysis BTC via Ichimoku by TheSocialCryptoClub

BINANCE:BTCUSDT   Bitcoin / TetherUS
Good weekend and happy new year,

By our Ichimoku Analysis Process with its toolset by looking at a glance at the BINANCE:BTCUSDT Daily chart using the “Traditional” settings for the indicator.

Macro Trend Analysis using Kumo:
  • Tendency: BTC continues to be in a downtrend now from 37 candles, with currently a sideways bias (indicated by Senkou Span A and Seknou Span B). Kijun Trend Indicator is still indicating a downtrend.
    All the medium-term lines confirm the downtrend and the sideways bias, although the Kijun is just above the Tenkan.
    In general the behavior of the last weeks is confirmed
  • Price: The price is under the red Kumo and Chikou is under the price.
Supports and Resistances in the area:
  • 75000.00 by Fibonacci
  • 67000.00 by Historical Maximum (too much precise)
  • 66001.41 by All-time-high Chikou
  • 51800.00-52600 strong price structure by flat lines
  • 49100 Kijun Weekly
  • 45150 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).

The Heikih-Ashi confirms the downtrend/sideways movement

CryptoFall, which identifies Fibonacci levels, still shows us a positive sentiment and places the 0 upwards on 75000.

The price is testing the 0.5 level, after the bounce on 0.618.

BTC continues to be in a downtrend with a sideways bias. When the breakout of important levels is made the price - statistically - tends to go back. Therefore the levels indicated in the previous week remain valid.

It is important to evaluate the closing of the week on the following price structures:
Bullish 51800-52600
Sideways 49100
Bearish 45100-46100

It will be interesting to consider as a new point C the low of December 4th in the potential rebound using as A the low of September 21st and as B the all-time-high of December 10th. It can form at a good buy signal even if it can be already activated for some traders.

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

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

P.S. Given the change in settings, the statistics provided today may be slightly different from the previous analysis, although the analysis remains consistent.

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