#美联储重启降息步伐 Back to the market, the feeling of the big pancake these days can be simply described as something is going to happen but hasn't yet, an eerie calm. 92K to 93K has been rubbing against each other, not going up or down, like holding back a big move.

Every time it tests 95K, it gets pushed back down by sell orders, and that selling pressure is real. However, the support at 90.5K to 91K is also holding firm, and no one has gained an advantage; it's just a hard slog.

I've also looked at the weekly structure, after being plundered at the upper edge of the large range at 124.5K, it has been heading down. It has retested the weekly OB at the lower edge of the large range, and now it's a rebound; the key to the rebound is to touch 99K, which is the important resistance of the year.

Only if it can hold above that is there hope; otherwise, it will continue to push you towards the 80's. The small range is the same; it has been oscillating within a box for several weeks. The daily chart is even more ridiculous, this week it has plundered last week's low and then last week's high, which is a typical way to wash out participants.

Above, 94.5 to 95K has been pressing down, while the spot market is continuously being hammered, and the contracts are holding up the fluctuations. If it wants to go up, it must increase volume and stabilize at 93.1K; otherwise, it has to go down to make three attempts, targeting directly at 88.8K.

I’m not hiding my medium to long-term views either; bearish is greater than bullish. 126.2K is the top, and this round of rising has ended. Although 80.6K is a stage low, it is not a major bottom.

A rebound to 99K or 107K could potentially reverse, then it will head towards the big pancake starting with 7. The spot market is continuously selling, and if you follow to go long, it's like playing with fire, unless the spot suddenly starts to buy aggressively and the price stabilizes with volume at 93.1K; otherwise, bulls will be gifting benefits again.