Technical analysis using matrix method (2024/1/26) Bitcoin approaches the last line of defense: Rakuten Wallet
In this article, 1) pattern analysis, 2) moving average line (9MA, 25MA), 3) Ilmokukinkohyo, 4) Bollinger Band, 5) MACD, 6) RSI. , and evaluates the strengths and weaknesses of the market based on averages. I believe that fixed points and objectivity are important in technical analysis. The goal is to eliminate arbitrariness and increase accuracy by combining several representative analysis methods.
summary
The total score was 1.8 points. Last time, the price was 2.2, which he said was “not as bad as I thought” and “there is a high possibility of it breaking above or below,” but it ended up breaking below and became a sell signal. I got stronger. It is currently somehow supported by the upper limit of the November range and the lower limit of the Ichimoku cloud. In a sense, this is the last line of defense, and if the price breaks below, the sell signal becomes clearer and there is room for the price to halve to 5.4 million yen, with the 200-day moving average being 4.9 million yen.
We also use the BTCJPY chart from the Rakuten Wallet Margin Exchange here. See the BTCUSD chart here (link takes you to the TradingView website).
pattern analysis
A new downward channel has formed and the price has fallen to 5.7 million yen, but in real terms it is supported near 5.75 million yen, the upper limit of the November turmoil and width. It wouldn’t be surprising if the decline stops here, but it wouldn’t be surprising if the price drops to around 5.4 million yen. This is at the bottom of the November range, or half of the September price increase.
Rating: 2
moving average line
A dead cross has occurred and 9MA is showing a downward trend, and 25MA is also showing a downward trend. It would not be surprising if the 200MA adjusts to around 4.9 million yen.
Rating: 1
Ichimoku Kinko Hyo
Although it has temporarily fallen below the cloud limit, it is still physically supported to some extent. A clear break below will reveal a strong sell signal via a three-way reversal.
Rating: 2
bollinger bands
As the lower limit of the band expands, a new downward trend may emerge.
Rating: 2
MACD
A dead cross occurs, with both lines pointing downward.
Rating: 1
RSI
40 cars with no sense of direction.
Rating: 3
evaluation
*This article is a reprint of the Rakuten Wallet technical report.
*This article provides information that can be used as a reference when making investment decisions, but is not intended to recommend stocks or solicit investment activities. Additionally, Rakuten Wallet does not recommend investments or make definitive predictions. *The posted information may include future predictions, but since this is the sender’s personal opinion, its accuracy and reliability are not guaranteed. Please make your own final investment decisions.
｜Editor: coindesk JAPAN ｜Image: Rakuten Wallet ｜Source: Rakuten Wallet
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Technical analysis using the post-matrix method (2024/1/26) Bitcoin approaches the last line of defense: Rakuten Wallet | CoinDesk JAPAN appeared first on Our Bitcoin News.
