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
A new trend is occurring after breaking above the 3.6 million yen pointed out last time. Currently, the stock is forming a small triangle, but theoretically, it will break out above the market, and the next target is around 3.95 million yen. The overall score is 4.0, unchanged from last time.
pattern analysis
The price stopped declining and rebounded by pushing half the price of the rise from March 9th to 14th. The uptrend continued as the high price on the 14th was renewed. A small triangular crossing is formed at the foot, and the sense of direction is fading, but the triangular crossing in the uptrend is theoretically outperforming. If you extend the same length as the base from the top of the triangle, it will cost about 3.95 million yen. If you break, this area will be the immediate target.
Rating: 4
moving average
As announced last time, the golden cross occurred on March 17th, and the market price increased significantly. There is a feeling that the rise of that amount has already come full circle, but both moving average lines are upward and the upward trend is likely to continue.
Rating: 4
Ichimoku Kinko Hyo
The candlestick pierces above the clouds, the lagging line (green) crosses the candlestick, the conversion line (blue) crosses the base line (yellow), and the buy signal for a three-way turnaround is lit.
Rating: 5
bollinger bands
Although it did not reach the upper limit of the band and did not reach the band walk, it is rising while expanding to indicate the occurrence of the trend, suggesting the continuation of the trend.
Rating: 4
MACD
A golden cross occurred on March 14, and both lines continue to show signs of buying, but the width of both lines has begun to narrow slightly, giving the impression that the momentum is weakening. .
Rating: 4
RSI
Like last time, it has not entered the overbought zone.
Rating: 3
Yasuo Matsuda
Rakuten Wallet Senior Analyst
Majored in the international monetary system at the Faculty of Economics, University of Tokyo. He is engaged in foreign exchange and bond sales and trading at Mitsubishi UFJ Bank and Deutsche Bank Group. Since 2018, she has been engaged in analyzing and forecasting the crypto-asset market at a crypto-asset exchange company, and has almost hit the target of 8 million yen peak in 2021 and 5 million yen at the end of the year. Current position from January 2022.
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*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: https://www.rakuten-wallet.co.jp/market/market-list/2023/032402/
