7.20 Pancake Market Analysis
From the 1-hour chart perspective, after a pullback under pressure yesterday, the current price is fluctuating around 117929.9, with both bulls and bears temporarily stuck in a stalemate.
Yesterday's pullback caused the price to move away from the previous high, and the bulls encountered strong resistance at high levels, indicating significant selling pressure above. In the moving average system, although MA7 and MA30 still maintain a bullish arrangement, the price has not effectively stabilized above the moving averages, suggesting a weakening of bullish strength in the short term, and the distance between the price and the moving averages is gradually narrowing, indicating that the market's upward momentum is gradually converging.
The Bollinger Bands are showing a contracted state, with the price oscillating near the middle band, which means that the market's volatility is gradually decreasing, making it difficult for either side to gain a clear advantage in the short term. The MACD indicator is hovering near the zero axis, and the momentum bars are relatively short, further reflecting the market's lack of clear directional guidance, which may continue the oscillation and consolidation pattern in the short term.
It is recommended to go long lightly in the 117500 - 117700 range, with a target of 118500 and a stop loss of 500. If the price successfully breaks through 118500, you can follow up appropriately, with a further target of 119000.
It is recommended to go short lightly in the 118300 - 118500 range, with a target of 117800 and a stop loss of 500.
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