【BTCJPY】From a peak-pull (parabolic top) to a decline after a pullback

In the July 26 post "A Slightly Worrisome Hairpin Margin Ceiling," I noted that on a daily basis a hairpin ceiling (a sign of a potential trend reversal if it appears in the high-price range) is worrisome. In fact, in response to the hints of a reversal, August 26 also formed a bearish candlestick. More than half of the big bullish candle created on the 24th was pushed out on the 25th and 26th.

Therefore, one of the ongoing concerns for a while will be whether the level around about 850,000 yen, which used to act as resistance on the upside, can become a support on the downside. If it seems likely to be breached easily, there is a high probability that a somewhat larger pullback could accompany the recent rise from the inverse head-and-shoulders breakout.