The large cake has repeatedly encountered resistance and retreated from highs from last night to this morning, confirming the presence of effective selling pressure above, especially in the 107,500 area which has formed a short-term resistance wall. This coincides with the upper Bollinger Band pressure level on the hourly chart. The pullback after hitting resistance indicates that bullish momentum is temporarily insufficient.
The KDJ on the hourly level has shown a 'pseudo golden cross' and has turned downward. Although the golden cross opened, it did not break through with volume, which is a typical bullish trap signal. The price is unable to stabilize above the upper band, indicating a probability of a pullback in the short term. While the price is above the upper band on the hourly chart, the consecutive long upper shadows show that it is actually being constrained along the upper edge of the channel and not effectively breaking out. This pattern often requires a retracement to the middle band for support, expected in the range of 106,000-105,800.
Personally, I suggest that in the range of 107,300-107,500, one should set up short positions in a staggered manner, targeting 106,000 for the first target and 105,000 for the second target, with a stop loss at 108,200.
