【BTCJPY】There is no more support! The decline is unstoppable

In the post on August 7th, titled “BTCJPY: Full retracement of the rise from the inverse head and shoulders…”, I stated that the price range continuing from the inverse head and shoulders would be fully retraced, and it wouldn’t be surprising to test again around the recent low of about 640,000 yen. In reality, the price accelerated downward to the 670,000-yen level, made a bullish-looking long lower wick, and then retraced to around 700,000 yen, but formed a strong bearish candlestick. As a result, all moving averages (5, 25, 75) have a downward slope.

Until around the recent low of about 640,000 yen, there is no line that provides support—it's the so-called empty space. If the decline intensifies, it seems likely that the battle will quickly occur around the 640,000-yen level. And if this line breaks, there will be few notable support candidates, making a drop below 600,000 yen possible… such is the current market environment.