The hourly MACD of the large pancake shows a hidden top divergence, bullish momentum weakening, short-term support is questionable, and the price deviation from the moving average along with the selling pressure from trapped positions brings about correction pressure. If it breaks below 118500, it may test 116000 and lower.

It is recommended to short in the 120800-121300 range, targeting 119000, and if it breaks, look for 117000.