In this paper, the Bitcoin market is evaluated in 5 levels (5 → 1: Strong → Weak) using six typical technical analyzes: pattern analysis, moving averages (9MA, 25MA), Ichimoku Kinko Hyo, Bollinger Bands, MACD, and RSI.
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”.
The overall score is 2.5, which is a little weak. The Ichimoku Sanyaku turnaround has disappeared, and the pattern also suggests a future breakout in the form of a rising flag, but it breaks below the 4.25-4.55 million yen range. The upper limit of the Ichimoku cloud is rising, and the support of 4,250,000 yen becomes resistance and rushes into the cloud, or the price is supported by the cloud and returns to the 4,250,000 yen upper.
The price has clearly broken below the range of 4.25 to 4.55 million yen, and the lower limit of 4.25 million yen is starting to act as resistance. On the other hand, a “rising flag” emerges in which the market price rises and forms a downward channel. A continuation of the uptrend, a form that suggests future breakouts.
After dead cross formation, both lines point downward.
Ichimoku Kinko Hyo
The lagging line breaks below the candlestick, the conversion line also breaks below the base line, and the buying sign of the three-way turnaround disappears. Over the next week, the upper limit of the cloud will rise to around 4.25 million yen, and the focus will be on whether the price can be maintained above the cloud.
The band squeezes. After that, it seems to be stuck at the lower end of the band, but it seems to have bounced back to the lower end. In any case, there is no strong trend.
After the dead cross occurred, both lines are downward and the sell sign is lit.
Neutral near 50.
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| Editing: coindesk JAPAN
｜Image: Rakuten Wallet
｜Reprinted from: Rakuten Wallet