Weekly BTC Analysis using Ichimoky by TheSocialCryptoClub

4 Sep 2021

Good weekend everyone,

The Crypto Frog uses its Ichimoku Analysis Process by looking at a glance at the BINANCE:BTCUSDT Daily chart using the “Crypto Market Settings” for the indicator as 10-30-60-30:

Macro Trend Analysis using Kumo:

• Tendency: steady uptrend for about 40 days
  
• Price: over the Kumo, confirming the uptrend
  
• Width: particularly thick, indicating the strength of the trend.
  
• Evolution: slightly expanding; therefore indicates an overbought situation.
  

Static Supports and Resistances in the area:
Supports

• 50000 important psychological support which price is trying to cross for about two weeks
  
• 48500 considering the flatten periods of Tenkan
  
• 47400-46700 considering the flatten periods of the Senkou Span B
  
• 44800-44000 strong support from Senkou Span B and Kijun
  

Resistances

• 50671 generated by Kijun
  
• 52350 strong by Senkou Span B and Kijun multiple times
  
• 55600-55800 strong by Senkou Span B and Kijun multiple times
  

Dynamic

• Tenkan: always under observation also slightly flat on the 48200 level approx.
  
• Kijun: 47200 threshold already exceeded during the week, it is also moving near the Tenkan.
  
• Uptrend channel: previous channel has been invalidated after the encounter with the 50000 psychological level. It is however possible to draw a channel just below, using the Kinjun as reference.
  

Volumes:
Have been rising since the beginning of the month, natural for September and promising for overcoming the resistance.

Heikin-Ashi:
Starting from the beginning of the month a series of green Heikin Ashi candles are promising, in particular for the presence of some candles without shadow underneath.

Fibonacci
CryptoFall, which identifies Fibonacci levels shows us a positive sentiment and places the 0 upwards on 100000 and we are now in the equilibrium point 0.5 right on 50000.
Further levels are the 0.618 on 38200 that we can consider the last bastion of the uptrend and the 0.382 level on 61800.

In conclusion, for Bitcoin we are in a crucial equilibrium moment, albeit positive during the overcoming of this important resistance.

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