The bear trap has been completed! A big surge is still to come!! The target is aimed directly at this point!

-

Overall, yesterday's drop was a very perfect bear trap, with a panic sell-off increasing volume. Many people surrendered their chips, and after a false break below the one-month low took out the recent long positions that hadn't been cashed out, it quickly rebounded. I just happened to suggest going long at 100700 after the false break was reclaimed, targeting 104500.

Subsequently, the funding rate was negative, and positions increased, indicating that most contracts were short, while the price was slowly rising, showing that the spot market had buying power continuously accumulating... The price continued to rise, forcing many shorts to cover their positions and leading to further increases.

Currently, the funding rate has remained negative, and more people are still shorting. It wasn't easy to trap so many shorts; if you were the market maker, would you easily let them break even or even profit?

Intraday support is at the POC of the consolidation area at 104000. There is a high probability that it will fluctuate and effectively break the trend line resistance at 105300 over the weekend, then challenge the support-resistance swap near 106800 again. If it can't hold, we will wait for a pullback.