Technical analysis using the matrix method (2/9/2024) Bitcoin, almost impeccable: Rakuten Wallet | CoinDesk JAPAN

In this article, we will evaluate the Bitcoin market in 5 levels (5→1: strong→weak) using 1) pattern analysis, 2) moving average line (9MA, 25MA), 3) Ichimoku Kinko Hyo, 4) Bollinger bands, 5) MACD, and 6) RSI. , and evaluate the strength or weakness of the market 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 4.3. Last time, I pointed out that “the main scenario is trading in a range of 6.1 million to 6.4 million yen, but the moving average line and MACD suggest a break above the range,'' and both results were correct. It traded in a range until Wednesday, then broke above the range. All except RSI are 5. Head and Shoulders, Golden Cross, Triple Role Turnaround, and Band Walk are all bullish signs that this is still possible. The target is a full return of 7.15 million yen.

In addition, here we use the chart of BTCJPY from Rakuten Wallet's margin exchange. Please refer to the BTCUSD chart here (link is to TradingView's website).

pattern analysis

The trading range of 6.1 million to 6.4 million yen that I pointed out last time continued, but it broke out on the 7th. The price has cleared the half-price reversal that was the resistance, and a full price reversal of 7.15 million yen is now in sight. A head-and-shoulders situation has been formed, and the expected return level is 7.15 million yen.

Rating: 5

moving average line

A golden cross occurs, and both lines are pointing upwards.

Rating: 5

Ichimoku Kinko Hyo

Supported by the lower limit of the Ichimoku's cloud, the lagging line crosses above the candlestick, the conversion line crosses above the standard line, and the candlestick crosses above the cloud.The buy signal for a triple turn has just lit up. This bullish market may still be young.

Rating: 5

bollinger bands

An uptrend occurs due to expansion. A very strong market for Band Walk has begun.

Rating: 5

MACD

A golden cross has occurred, and both lines are pointing upwards.

Rating: 5

RSI

Entering the overbought zone at 70 units.

Rating: 1

Rating

*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.

｜Edited by coindesk JAPAN
｜Image: Rakuten Wallet
｜Reprinted from: Rakuten Wallet