The latest K-line structure of the pancake is not conducive to upward trends, and the smaller time frame movements are generally bearish. The bulls may wait for a further dip before considering short-term longs!

From the liquidation chart, there still exists a massive short-term liquidation cluster above 112000, which is undoubtedly a huge attraction. Given the nature of the dog traders, after clearing out the long positions below, it will be time to clear the short positions during the rebound, and also an opportunity to buy at the bottom.

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