【BTCJPY】50% retracement from late July decline

In the post dated August 29, titled “BTCJPY: The 5-day line breaks above the 25-day and 75-day lines,” it stated that the market would break out from the range of 550,000 to 750,000 yen and aim for another rise. In reality, right after the post, it formed a pullback but then formed a lower shadow and reversed to rise, recovering to the 800,000-yen range with bullish candles the day before yesterday and yesterday.

That roughly 800,000-yen level corresponds to the 50% line on the Fibonacci retracement drawn from the high on July 25 to the low on August 14. While there is a possibility of a pullback from here for a while, whether the price can surpass the 61.8% level will be the week's focal point.