The pancake is now moving sideways at a high position, just like I said yesterday, funds are starting to flow out. This time the rise didn't have much strength from spot,
mainly driven by futures, and the foundation of this market is not very stable. Moreover, there is important CPI data to be released tonight, so it's better to be cautious at this time!
A double top structure has also appeared on the smaller time frames, and I estimate many people want to short here.
But I don't think this is the best shorting point. Considering the clearing map data, there is still considerable liquidity around 115000 above, so be mindful of risks!
However, the market may not necessarily be that extreme. A more cautious approach would be to take a small short around 109800, and if it breaks the new high on the smaller time frame, quickly stop loss or set a small stop loss.
