$BTC Evening Viewpoint:
There are no gaps above the pancake, but the gap below has not been filled yet. The gap below the pancake is between 114300-115600.
These two gaps are the closest to the current price, and after all, the probability of the gap being filled is still quite high. As long as the gap is not filled, one cannot rest easy, because you never know when it might suddenly be filled.
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Talking with the chart: The pancake is forming this large triangle convergence on the hourly level, and the high points on the hourly level are decreasing, while the low points are also decreasing.
The neck line marked in the chart at 118388 must be broken for the smaller level of the pancake to rise. If 116788 is broken, a lower low point will appear, and the triangular convergence pattern will also be broken, which likely means it will go to fill the gap at 115600. If it does not break above 118388 and does not break below 116788, it will move sideways like a crab.
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If the pancake breaks through 118375 with volume, buy on the right side for a rebound; if it breaks down through 117962 with volume, and cannot recover, sell on the right side.
On the hourly level, breaking and holding above 118388 looks up to 119607-120570; only by breaking through 118388 can it look upwards.
On the 4-hour level, breaking below 117661 looks down to 117030-116341; if it breaks below 117030 and cannot recover, a pullback is necessary.
Continuing to look at the chart: The 4-hour level EMA 20-day moving average has been broken, just hitting the EMA 50-day moving average for support and rebounding upwards. Now rebounding to the EMA 20-day moving average again faces resistance; if it cannot break through the 4-hour level EMA 20-day moving average, the pancake cannot continue to rise.
All signs indicate that without breaking through 118388 and the 4-hour level EMA 20-day moving average, it is extremely difficult for the pancake to rise. Currently, a pullback seems to be the only way out for the pancake, unless it breaks above the levels I mentioned. Pay attention to changes in volume, set your stop loss, and disperse the meeting.