【BTCJPY】A minor skirmish on the eve of the reverse head-and-shoulders pattern formation

The first post on July 6 indicated that on a daily basis it looks like a head-and-shoulders reverse (inverted head and shoulders) pattern is forming. In fact, that is how it unfolded: with the bearish day on July 10, it sank below the 5-day SMA (red) and the 25-day SMA (blue), forming the second trough of the inverted head-and-shoulders.

What to note here is whether on July 12, after the lower wick, the low of 685,103 yen will serve as a second bottom and break above the 5SMA and 25SMA, or whether it will make a new low. In terms of price range, this should be decided during the holiday, so we would like to watch how it develops.

Nevertheless, in any case, it is reasonable to regard it as a range around 700,000 yen with about a 50,000 yen fluctuation up or down, so at this point I will focus on monitoring the minor skirmishes and refrain from actively building positions.