Technical analysis by matrix method (2023/6/16) Bitcoin, the possibility of cheating remains, but all trend systems are downward: Rakuten Wallet | CoinDesk JAPAN | Coin Desk 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 a weak 1.8. This is the first time that the overall score has fallen below 2 since the start of this report in February. The moving average line and MACD were set to 2 points, but when they were set to 1 point, they dropped to 1.5. All trends are downward. There is still a possibility that a breakout below the range will be detrimental, but we would like to be cautious of the downside. However, the next support is relatively close to 3.38 million yen.

pattern analysis

Subtly below the parallel channel range. Although it is possible that the pair was supported by the rebound the next day, if we consider that the price has broken the range, the next support will be halved to around 3,380,000 yen.

Rating: 2

moving average

Dead Cross occurred last week. Although it seems that the price has managed to deal with that amount of decline, the 25MA, which had been trending upwards, turned downwards and is likely to continue downwards.

Rating: 2

Ichimoku Kinko Hyo

The lagging line is below the candlestick, the candlestick is below the Ichimoku cloud, the conversion line is below the reference line, and the sell signal is on.

Rating: 1

bollinger bands

The bands are widening and the candlesticks are sticking to the lower end of the bands, which could indicate the beginning of a downward band walk.

Rating: 1

MACD

Less than two weeks have passed since the dead cross occurred, but both lines are still weak and downward.

Rating: 2

RSI

No sense of direction at 40 units.

Rating: 3

grade

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| Editing: coindesk JAPAN
｜Image: Rakuten Wallet
｜Reprinted from: Rakuten Wallet