The large pancake continues to fluctuate, and the short-term trend remains weak, but there is a clear support level below, which may find some support around the 103,000 level.

Combining the bottom formation and the relative weak balance of the long and short positions shown by the indicators, there is a possibility of a slight rebound in the short term. However, since the overall trend still leans downwards, the rebound space is still pressured by the 106,500 level.

In the short term, pay attention to the resistance in the 105,800 to 106,500 range. If the rebound fails to break through the resistance area, consider re-entering short positions on rallies. Focus on 103,000 below for short-term trading.

At the same time, aggressive traders can try to build a light position when the price approaches the 103,000 support level, but also need to pay attention to the formation and subsequent development of the MACD death cross signal. If the market continues to show increased downward movement after crossing below, it indicates a buildup of bearish strength. At this point, those holding long positions should exit in a timely manner and follow the trend to operate accordingly.