The large pancake experienced a sharp decline in the evening, currently all support levels have been broken, and the previous low of 114700 was also briefly broken. Yesterday there was a V-shaped rebound followed by a steep drop in the evening, with a significant decline and almost no buying interest in between. The market is very chaotic, and it's recommended to hold a lighter position to avoid major losses.
Currently, the price is near the previous low, with a slight rebound, likely due to short sellers taking profits, causing the price to rise. There has not yet been a significant buying interest. The key resistance to watch above is around 117000. If it cannot break through for a long time, it will likely continue to fall in search of new support, and the previous low is unlikely to hold.
Trading suggestion: Short at the rebound to 116000-116800, stop loss at 117500, with a target near 114500-115000.
