Large pancake 119000 to 118500 nearby, see 117500 to 116500
The daily chart shows that after a long bullish candlestick appeared on August 10, a long upper shadow bearish candlestick formed on the 11th, creating a short-term top signal.
The hourly chart has recently continuously broken below EMA7 and EMA30, and has tested 118000 multiple times without an effective breakthrough, forming a descending channel. The 4-hour moving averages are operating at the key support level of 118000, which may limit the downside potential, indicating that if 118000 is lost, it will further test the bottom support.
