August 8th Daily Analysis
The 4-hour level double bottom structure of the pancake has formed. After a strong breakthrough of the key neck line at 1160, the current short-term trend is clearly bullish. Even if there is a correction in the short term, it is more of a technical pullback, and the space for a deep decline is limited; going long remains the main focus.
The price has broken through the resistance at the 1160 mark, confirming the double bottom structure, and the trend line has significantly risen; currently, the bulls are very active. If the market retraces, it should be seen as an opportunity to enter long positions, and it is not advisable to easily take a short position.
Trading Recommendations:
Buy on pullback confirmation at 115500-116000; aggressive traders can pursue long positions while holding above 117200, with the first target at 118000. If there is a strong breakthrough, there is a chance to challenge the range of 118800-120000.
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