From a psychological perspective, it is unlikely that this position will deeply retrace; it is more about the main forces scaring the on-site spot traders, making them panic and cut their losses. In fact, very few retail investors dare to chase long positions at these levels. To be honest, ask yourself, would you dare to go long at such a position? Personally, I definitely wouldn't, even if it has the chance to continue rising, as it does not align with my own left-side trading style.