Market Update for Pancakes on October 27:

Core观点

The range of 116000-116700 is indeed a key resistance zone at the daily level. A light short position can be attempted under the short-term overbought signal, but one must be cautious of the bullish momentum that may "fill the gap." The target can be adjusted to 113500-112300.

Resistance and Overbought Verification: The 116000 level is a strong resistance zone where previous attempts to break through have failed multiple times, and the 4-hour chart has entered an extreme overbought state, leading to expectations of a short-term pullback as price momentum slows down and indicators diverge. Moreover, this area is at the lower boundary of the daily gap (116000-119000), making it likely for bulls to encounter resistance and retracement on their first attempt.

Target position logic adjustment: In the original target range of 114000-112000, 114000 has recently transformed from support to a short-term contention level, while 113500 is the key pressure turned support level on the four-hour chart. 112300 is the overlapping point of the middle band of the daily Bollinger Bands and the trend indicator support, providing a higher defense intensity.

Specific operational strategies

• Enter short positions in batches within the range of 16200-116700, with positions not exceeding 10% of total capital.

• First target 113500 reduce position by 70%, second target 112300 close all positions.

• If the price directly retraces to the 112000-111500 range and the support holds, you can take a small position to go long, with a target of 113500-114000.
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