4.23 Midday Big Pancake Market Outlook

The big pancake surged at dawn to around 79,400, met resistance and came under pressure; afterward, it entered a range-bound pullback, with the intraday low dipping to the 77,400 low point. It is currently rebounding and consolidating around 78,300.

After the surge and pullback, upward momentum has dried up. The high point keeps making lower moves, and the rebound lacks sufficient volume to support it. The rebound strength is relatively weak, with extremely strong resistance overhead. After the short-term overbought move, the pullback demand has been fully released. At this stage, it is only a small technical correction after a decline. Overall, the bearish side still dominates the rhythm, and this has not changed. In the afternoon, the rebound will continue to face pressure. In terms of trading, focus mainly on shorting at rebound highs, with light positions for short-term longs as a supplement at key support levels.

Structurally, the rise followed by a clear pullback has formed an obvious decline pattern. On the 15-minute timeframe, the rebound is weak; the death cross signals keep diverging. The short-term rebound’s topping signals are clear. Resistance is stacked in layers above, and the upside space for the rebound is limited. The overall bearish major trend has not reversed. Supply and selling pressure continue to be released at high levels, and the market remains weak.

Trading Recommendations

Short the 78,500-79,000 rebound range at the top. The first target is 77,500. If it breaks, look for downside to 77,000-76,500-76000$BTC $ETH #美伊二轮谈判进展