The large pancake rebounded around 120,000, but failed to stabilize, subsequently entering a pullback phase. Today, one should not blindly go long; be careful of being thrown off by the pullback.

The 1-hour moving average of the coin price has already started to turn down, indicating that there will be a demand for a decline during the day. Now that it has rebounded to around 119,000, it provides an opportunity for short positions.

Short in the 119,300-119,700 area, with a stop loss at 121,000, and the target to first look at 118,000-117,500.