Main Points:
- Recent Downturn: Since the 20th, Bitcoin has entered a period of poor performance, indicating a potential resumption of its downtrend.
- Hourly Chart Insights: Analysis of the 1-hour chart as of March 6, 7:18 shows a sharp drop from the opening price, followed by a minor rebound.
- Price Volatility: With an opening price of 13,475,144 JPY (＄90,306), a high of 14,300,532 JPY (＄95,837), and a low of 11,284,730 JPY (＄75,627), Bitcoin’s high volatility is evident, with the latest price around 12,547,149 JPY (＄84,087).
- Technical Levels: A key support level is identified at approximately 10,700,000 JPY (＄71,708), while resistance is around 15,000,000 JPY (＄100,525). The current price below resistance suggests the downward trend continues.
- Outlook: Short-term outlook based on the 1-hour chart indicates further downward movement if the support level is broken, although longer-term trends require analysis on daily or weekly charts.
1. Entry into a Risky Phase Since the 20th
Bitcoin’s performance has been notably weak since the 20th. After a period of stabilization, the market appears to have shifted into a phase of renewed decline. This suggests that any interim consolidation period might be over, and the market is poised for further downtrend.
2. Insights from the 1-Hour Chart
Analyzing the 1-hour chart of Bitcoin/JPY as of March 6 at 7:18 reveals that:
- Bitcoin experienced a significant drop from its opening price.
- It reached a low of 11,284,730 JPY (＄75,627) before rebounding slightly.
- The current trading price now stands at 12,547,149 JPY (＄84,087).
The considerable gap between the high and low points underscores the high volatility in Bitcoin’s price during this period.
3. Overview of Price Movements
- Opening Price: 13,475,144 JPY (＄90,306)
- High Price: 14,300,532 JPY (＄95,837)
- Low Price: 11,284,730 JPY (＄75,627)
- Latest Price: 12,547,149 JPY (＄84,087)
These figures illustrate that despite some minor recovery, Bitcoin’s overall trend has been downward since the 20th.
4. Technical Analysis
Key technical levels include:
- Support Level: Approximately 10,700,000 JPY (＄71,708)
- Resistance Level: Approximately 15,000,000 JPY (＄100,525)
The current price is significantly below the resistance level, confirming the ongoing downtrend. A breach of the support level at 10,700,000 JPY (＄) could accelerate the decline further.
5. Outlook
Based on the 1-hour chart analysis, the short-term outlook for Bitcoin appears bearish. If the price falls below the support level, a further drop is likely. However, a comprehensive evaluation using daily and weekly charts is necessary to understand the longer-term trend.
