Technical analysis by matrix method (2023/4/7) Bitcoin, technical is mixed | coindesk JAPAN | Coindesk Japan

In this article, 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 overall score is 3.2, slightly above the neutral level of 3. Patterns and Ichimoku are continuing the uptrend, but MACD lights up a sell signal and Bollinger is neutral. There is no sense of direction, and it is a shape that does not surprise you if it swings up or down. I dare say it’s an upward direction, but it’s a direction that breaks the range, in other words, it feels like a “release”.

pattern analysis

Formed a rising flag, broke out of the range, but formed a rising flag again with an upper whisker, suggesting a continuation of the rising trend although it is a little irregular. It has rounded up the range even though it is in the middle of a struggle, and it is not surprising that it will easily break out of the range depending on the trigger.

Rating: 5

moving average

While 9MA’s momentum seems to be weakening, 25MA is getting thinner. If the spot price stays at the current level, it doesn’t look like a dead cross will happen anytime soon, but if it falls, the situation will suddenly worsen.

Rating: 2

Ichimoku Kinko Hyo

Buying sign of 3-yaku turnaround continues. The reference line is also clearly upward, and the uptrend continues.

Rating: 5

bollinger bands

Switching from expansion to squeeze, no sense of direction.

Rating: 3

MACD

Dead cross occurs. There is a possibility that the lighting of the signal in the squabbling zone may be deceiving, but both lines are facing down and the sell signal is lighting up.

Rating: 1

RSI

Like last time, it has not entered 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 is forecasting a peak of 8 million yen in 2021 and 5 million yen at the end of the year, which is almost right. Current position from January 2022.

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*Information sent may include future forecasts, but this is the opinion of the individual sender, and we do not guarantee its 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/2023/040702/