Although the large pancake has rebounded from a low of 105,300 to 107,500, it has failed to break through the key resistance zone of 107,800-108,200, forming a secondary high point structure. The current price is stagnating around 107,100, with a descending channel resistance on the 4-hour level, and trading volume gradually shrinking, indicating insufficient bullish momentum and limited short-term upward space.
The MACD fast and slow lines show a tendency for a death cross at high levels, and the RSI (4H) has formed a top divergence around 62%. Additionally, the open interest has not increased with the rebound, showing weakened market bullish sentiment. There is a dense area of trapped positions in the 107,500-108,000 range, further strengthening the bearish defense, making it difficult for the rebound to sustain.
Operational Strategy and Targets
Short positions can be increased based on the 107,600-108,000 resistance zone, with a stop loss set above 108,500. If the price faces downward pressure, the primary target is 104,800 (38.2% Fibonacci retracement level), and if it breaks below, it is expected to test 103,200 (daily MA60 support). Caution is needed for short-term disturbances caused by fluctuations in the US stock market, but the overall trend still leans towards a volatile downward movement.
