Bitcoin, Technical Analysis by Matrix Method (2023/3/17): Rakuten Wallet | coindesk JAPAN | Coindesk Japan

In this paper, the Bitcoin market is analyzed in 5 stages (5 → 1: Strong → Weak) using six representative technical analyzes: pattern analysis, moving average (9MA/25MA), Ichimoku Kinko Hyo, Bollinger Bands, MACD, and RSI. Evaluate the strength of the market with the average. I believe that fixed-point observation and objectivity are important in technical analysis. The aim is to eliminate arbitrariness and improve accuracy by combining multiple representative analysis methods.

*This article is a reprint of the technical report of “Rakuten Wallet”.

summary

The stock rebounded sharply, supported by the 2,650,000 yen target of the lower price pointed out last time. The overall score this time is 4 on a scale of 5, the same as last time. A weak buy signal, one step ahead of a full-fledged uptrend.

The short-term target is 3.6 million yen, and if it breaks through there, a new trend is likely to occur.

pattern analysis

The decline stopped at 2.65 million yen, which was pointed out last time, and it rebounded sharply to around 3.6 million yen. It is supported by the half price of 3,125,000 yen and is rebounding. First of all, we aim for the previous high price of 3.6 million yen.

After that, it is not known at this point whether the price will form a box or triangular cross with the top of 3.6 million yen, or if it will break through this level and form a new upward trend.

Rating: 4

moving average

A dead cross occurred on March 6, and the market plunged, but it rebounded sharply supported by the 200-day moving average line. A golden cross is likely to occur soon.

Rating: 4

Ichimoku Kinko Hyo

It is splendidly supported by the lower limit of the Ichimoku cloud and penetrates above the cloud. The lagging line (green) is above the candlestick, and if the conversion line (blue) breaks above the reference line (yellow), the buy signal for a three-way turnaround will relight.

Rating: 4

bollinger bands

During the transition from squeeze to expansion, the part that penetrated the band up and down was corrected, but now the upward band walk that sticks to the upper limit of the band is starting.

Rating: 4

MACD

A golden cross occurred on March 14, and both lines continued to trend upwards.

Rating: 5

RSI

Last time, the RSI rebounded from below 30 and has yet to enter the overbought zone.

Rating: 3

Yasuo Matsuda
Rakuten Wallet Senior Analyst
Majored in the international monetary system at the Faculty of Economics, University of Tokyo. He is engaged in foreign exchange and bond sales and trading at Mitsubishi UFJ Bank and Deutsche Bank Group. Since 2018, she has been engaged in analyzing and forecasting the crypto-asset market at a crypto-asset exchange company, and has almost hit the target of 8 million yen peak in 2021 and 5 million yen at the end of the year. Current position from January 2022.

*This article provides information for reference in making investment decisions, but is not intended to recommend stocks or solicit investment activities. In addition, Rakuten Wallet does not solicit investment or make definitive forecasts.
*The information posted may include future forecasts, but these are the views of the individual sender, and we do not guarantee their accuracy or reliability. Please make your own final investment decisions.

| Editing: coindesk JAPAN
｜Image: Rakuten Wallet
｜Reprinted from: https://www.rakuten-wallet.co.jp/market/market-list/2023/031702/