Pancake Strategy Interpretation
1-hour structure chart shows EMA in a bearish arrangement, but the values are very close, indicating that although the medium to long-term trend is bearish, it is at a critical node of extreme convergence and direction selection.
For intraday trading, the recent resistance is the area where the three EMA moving averages converge (114650 - 115500). This area will be the first strong obstacle for a bullish rebound, while 116200 can be considered the maximum resistance for a trend reversal. 114000 is the intraday integer support; if it breaks, the market may seek lower-level support.
The current price bottom oscillation is a key consolidation stage. Prices are compressed in a narrow range (roughly between 114200 - 115700), about to choose a direction. The aggregation of long-term EMA for bulls means that once a direction is established, there may be a good market trend.
Recommended to follow the trend: if the market rebounds to around 115500 and faces pressure, consider short positions with a big trend and small reversals.
