9.1 Morning Thoughts and Suggestions

​
The pancake market was once again caught in a stalemate yesterday. After the price surged to the position of 109480, it encountered resistance and fell back. The upward momentum during the day has clearly weakened, but the overall situation is marginally improving. After testing, the price finally stabilized above the 108000 level, officially entering a phase of range consolidation. Going forward, it is essential to pay close attention to the resistance strength at the 110000 round number. If the price can break through this level and maintain its position, the upward space is expected to further open.

In the short term, looking at the 4-hour chart of Bitcoin, the Bollinger Bands are in a contracted shape, with the price slowly moving upwards along the 5-day moving average, but the upward momentum remains weak. Therefore, before breaking the key resistance above in the short term, it is not recommended to blindly chase long positions, and one should be cautious of a potential retreat if the price encounters resistance again. Currently, the price has significantly retreated in a short time, indicating strong resistance above. In the morning, we took a small long position and will observe how the situation improves while also paying attention to the breakout situation, and ensure to set a stop-loss!
​
Short-term suggestion:
Near 107500 for Bitcoin, target around 109500.
The target is near 4480, around 4340.