(source:Weak“Bitcoin / Yen”)
Bitcoin’s weekly chart clearly exceeded 6.1 million yen, which is a double of “support line 1” of about 4.1 million yen and “resistance line A” of about 5.1 million yen, and rose to 7.044 million yen in April. Upside prospect is 7.1 million yen in the box twice return, was such as 9.1 million yen in the 100% rise starting from the February low 4.55 million yen.
The red circles are adjusted in August 2020, from the end of November to the beginning of December, and in January 2021, and at the time of the subsequent rise, the Bitcoin price has achieved an increase rate of over 100%. About 4.1 million yen and about 5.1 million yen for “Resistance Line A” doubled to about 6.1 million yen, which was more than 100% higher than the latest adjusted low of 3 million yen. This time, the failure to reach 9.1 million yen made it look like the traditional pattern was broken.
After adjusting to 3.21 million yen in June, it is trying to return, breaking through the box upper limit of 5.1 million yen, shifting to a box of over 5 million yen to over 6 million yen, and temporarily returning to 5.5 million yen. From the high price of 7.04 million yen to the low price of 3.21 million yen, the half price return of 5.12 million yen has exceeded, and technically it can be said that the half price return is a full price return.
In Bitcoin, even though it was adjusted to half price, it was mostly renewed to a high price. It cannot be said unconditionally that a half-price return will lead to a full-price return, but it has continued to grow since last week and clearly exceeds the half-price return. Although it has recently begun to adjust, the probability of achieving a full price return is increasing while rounding up the lower price.
The insights and interpretations of this article are by the author and do not necessarily reflect the views of Cointelegraph.
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