Technical analysis using the matrix method (2024/1/19) Bitcoin may not be as weak as it looks: Rakuten Wallet | CoinDesk JAPAN

In this article, we will evaluate the Bitcoin market in 5 stages (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 using six typical types of technical analysis. 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 2.2. Last time, at 4.2, the “bullish signs were clear,” but he pointed out that “signs suggesting a lull in the rally are beginning to appear,” and the price has since stalled. This time, the bullish signs have been wiped out and bearish signs are starting to appear, but there is still little sense of direction. It looks like the price could go either up or down, but the top price is likely to be 6.58 million yen, which is half the price, and the bottom price is likely to be around 5.78 million yen, the lower limit of the previous range.

pattern analysis

It broke above the flat range and formed a new upward channel, but broke below. It looks like it’s about to slip out of the triangular position. If the price goes up, the target price is a half-return to 6.58 million yen, and if it goes down, the target price is around 5.78 million yen, the lower limit of the original range.

Rating: 3

moving average line

A dead cross occurs.

Rating: 1

Ichimoku Kinko Hyo

3 roles improved and resolved. Will it be supported by the upper limit of Ichimoku’s cloud?

Rating: 2

bollinger bands

As I pointed out last time, it’s a part of the band walk. However, the squeeze has not yet occurred, and it cannot be said that the uptrend has been resolved.

Rating: 3

MACD

A dead cross has occurred, and both lines are pointing downwards.

Rating: 1

RSI

40 cars with no sense of direction.

Rating: 3

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 these are the views of the individual sender, and their accuracy and reliability are not guaranteed. Please make your own final investment decisions.

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