Thoughts on the aftermath of the big pancake on October 31

Yesterday, the price of Bitcoin experienced significant fluctuations, dipping deeply to the 106227 line during the session, and quickly rebounding to around 109500 after hitting the bottom in the short term. It is important to clarify that this round of recovery is essentially a technical correction after the decline, and the current price is operating within a key resistance range for the short-term rebound.

From the current market perspective, although the short-term rebound is accompanied by some localized volume release, the overall trading scale is still significantly lower than the volume levels during the previous decline phase, reflecting that capital participation is primarily driven by short-term speculation, lacking sustained buying support. Trading volume, MACD, and the moving average system have not shown any trend reversal signals, and the rebound momentum is gradually diminishing.

Overall, the current market sentiment remains cautious with a bearish tone, and the price rebound has not changed the dominant bearish pattern. Going forward, it is essential to pay close attention to whether the rebound can effectively break through the upper mid-term moving average resistance. If the breakthrough is unsuccessful, it is highly likely that the market will return to a fluctuating downward channel.

Pancake operation suggestion: Bounce around 110500-111400, target down to look at 108500-106000, breakthrough then continue to look down at #美联储如期降息25基点 .