11 months ago
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In this article, we will evaluate the Bitcoin market using 1) pattern analysis, 2) moving average line (9MA/25MA), 3) Ichimoku Kinko Hyo, 4) Bollinger Bands, 5) MACD, and 6) 6 types of RSI typical technical analysis in 5 stages (5 → 1: strong → weak). The strength and weakness of the market is evaluated based on the average.
I believe that fixed point observation and objectivity are important in technical analysis. The aim is to eliminate arbitrariness and increase accuracy by combining multiple representative analysis methods.
summary
The overall score is 3.8. Last time, I wanted to see which way it would break at 2.8, which is close to neutral, but the BTC market has wild price movements and will break on both the up and down sides. The triangle cross-holding and parallel channel breakout ended in failure, and the correction appears to have paused, returning to the uptrend.
In addition, here we use the chart of BTCJPY from Rakuten Wallet’s margin exchange. BTCUSD Please refer to the chart here (link is to TradingView’s website).
pattern analysis
It seemed that the uptrend would end after breaking below the small triangular cross-holding, but the resistance of the triangular cross-holding that had broken out earlier became support and it returned to the original parallel channel. In the end, the breakout below the channel stalled and the uptrend continued. It is also in the form of a strong rising flag, where a descending channel appears in a rising market.
Rating: 5
moving average line
Just before the dead cross, 9MA made a switch and both lines turned upward. Both lines are still close and we cannot predict, but they are back in strong form.
Rating: 4
Ichimoku Kinko Hyo
3 roles continue to improve. The conversion line and reference line are approaching, and although we cannot predict, the buy sign is on.
Rating 4
bollinger bands
The band squeezed, suggesting a lull in the uptrend. The sense of direction is weakened near the center line of the band.
Rating: 3
MACD
After the dead cross, the MACD turned upward and was on the verge of a golden cross.
Rating: 4
RSI
After some adjustment from the divergence, I had no sense of direction around 60.
Rating: 3
*This article is a reprint of the Rakuten Wallet technical report.
*This article provides information for reference when making investment decisions, but is not intended to recommend stocks or solicit investment activities. Furthermore, Rakuten Wallet does not solicit investments or make definitive predictions.
*The information posted may include future predictions, but it is the opinion of the individual sender, and its accuracy and reliability are not guaranteed. Please make your own final investment decisions.
The post Technical analysis using matrix method (2023/12/22) Bitcoin, pause in correction, return to upward trend: Rakuten Wallet | CoinDesk JAPAN appeared first on Our Bitcoin News.
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