Translation (keeping HTML format, same line, decoding before translate): 【BTCJPY】Continuation: Will the lower support line turn into the upper resistance line?

In the post dated August 2nd, titled “BTCJPY: Is the lower support line turning into an upper resistance line?” there was movement showing a willingness to move back up even though it had fallen below the important level of about 850,000 yen. I noted that it would be important to watch whether the closing price yesterday would be above or below that level. As a result, a bearish candlestick formed, ending lower. This constitutes a 5-candle decline pattern.

The upward wave formed by a large bullish candlestick on July 16 rose for 10 days, and the subsequent correction wave that formed a pullback has been declining for 10 days as of today. Compared to the upward price move over 10 days, the downward move over 10 days is about 50%. I would like to pay attention to whether a rebound can occur from this retracement level (the exact level where the 25SMA is rising).