8.7 Pancake Market Analysis: Consolidation and Power Accumulation, W Bottom Emerges, Is a Rebound Possible?
Last night, BTC's overall trend was relatively stable, not swayed by external news, attempting to break through 115800 but failing, followed by a slight retreat, currently consolidating around 115000. It's clearly felt that the long and short forces are entangled near the key level, and the short term remains in a consolidation phase.
From a technical perspective, the 4-hour chart has initially formed a W bottom structure, with two confirmations at the bottom, providing relatively solid support. Coupled with the current bat pattern resonance, there is a clear expectation for a reversal on the technical front.
However, in terms of volume, the bulls have not yet fully exerted their strength and are still in the accumulation phase, with a breakthrough requiring some catalyst. But as long as the key support below is not broken, a subsequent attack on 116700-117400 is still expected.
Operational Strategy:
Buy in batches on dips in the range of 114300-113500, with a stop loss below 112800, targeting 116700-117400, focusing on short-term trades with a defensive approach.
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