The large pancake rebounded after a pullback, marking the first occurrence of a low and high pattern after a series of declines. In the short term, the pace of pullbacks is beginning to slow down, and the continuous breaking of lows has led to a significant increase in volatility. At the same time, the rebound space is larger than the pullback space, breaking the rhythm of a weak one-sided trend. However, successfully targeting shorts yesterday morning also yielded substantial gains.

In the small cycle, the bottom pullback point has reached its limit, and the short term has shifted to high-level fluctuations. At the same time, the rebound space will change the structure, making adjustments an essential rhythm in the upcoming phases. Meanwhile, the moving average indicators are complicated, and with increasing volatility, the adjustment space will not necessarily be favorable. In the short term, it is still advisable to follow the rhythm of short rebounds, but compared to yesterday, the extraction process may be convoluted and repetitive. The overall rhythm will still depend on adjustments.

On Thursday, focus on shorts near 98200 for the large pancake, with a target around 96500. For Ethereum, pay attention to shorts near 2780, with a target around 2680.