Technical Analysis by Matrix Method (June 23, 2023) Will Bitcoin Still Rise? What is the purpose of the upper price? : Rakuten Wallet | CoinDesk JAPAN | Coin Desk 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 overall score is 4.3, which is a complete change from last week. Breaking out of the range ended in failure, and on the contrary, it broke upward. All of the trending stocks are upward and suggest room for higher prices, and the prospect of an upper price when the range is doubled is 4.6 to 4.7 million yen. However, it is in the overbought zone, and it is possible that the pair will struggle at this level for a while.

pattern analysis

The breakout below the range ended in disappointment, and the 3-month long range was cleared and broken out above. The double return of the range of 3.5 to 4.1 million yen is 4.7 million yen. In addition, the increase before entering the range is about 1.15 million yen, which is 4.62 million yen when added to the current low of 3.47 million yen. 4.6 to 4.7 million yen is a target for the top price.

Rating: 5

moving average

Golden Cross from June 20th to 21st. Although there is an impression that the price has already completed the rise, both lines are trending upward and the buy signal is on.

Rating: 4

Ichimoku Kinko Hyo

The candlestick breaks above the Ichimoku cloud, the lagging line breaks above the candlestick, the conversion line slightly exceeds the reference line, and the buy signal for the three-way turnaround lights up.

Rating: 5

bollinger bands

Bands are widening, candlesticks are sticking to the upper end of the band, and upward band walk is occurring.

Rating: 5

MACD

Golden cross occurs, both lines are upward.

Rating: 5

RSI

Entering the overbought zone with 70 units. It is said that BTC, which tends to have a strong trend, is difficult for the oscillator to work, but it is a point where the market tends to stop once, even if it does not go to the point of reversing.

Rating: 2

grade

*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: Rakuten Wallet