The large pancake (BTC) is currently showing range-bound oscillation—an eerie calm before the storm. In the past few days, it has been largely trading within the established range. Yesterday, around 65,000, the “hollow/immense” chart pattern followed through with a downside move as expected, which is still relatively optimistic. In recent days, market sentiment has been cautious and people are waiting on the sidelines; what this tests is patience—using time to make room.
At present, the large pancake is in a narrow consolidation “grinding” phase, with a clear lack of a one-way trend. Until it breaks out in a clear direction, it can still be treated as a range—buy low and sell high around the band. On the upside, there needs to be volume and an effective hold above 65,000; only then can it move higher toward the 66,000–67,000 area.
On the downside, if it effectively breaks below 63,350, then in the short term it will turn weaker and you should be alert for a further dip toward around 62,500.
At present, the large pancake is in a narrow consolidation “grinding” phase, with a clear lack of a one-way trend. Until it breaks out in a clear direction, it can still be treated as a range—buy low and sell high around the band. On the upside, there needs to be volume and an effective hold above 65,000; only then can it move higher toward the 66,000–67,000 area.
On the downside, if it effectively breaks below 63,350, then in the short term it will turn weaker and you should be alert for a further dip toward around 62,500.
