October 23 Pancake Morning Thoughts

In the early morning, the price of Bitcoin tested lower levels, touching a low of 106588 before starting to rebound. It has now warmed back up to above 108000. From the recent trend, it can be seen that the market overall maintains a range-bound pattern, with quick recoveries whether in pullbacks or rises, showing significant volatility characteristics.

Combining the current market analysis:
The midnight market trend rose again after a slight pullback, with the bulls achieving effective continuation, but overall it presents a "slow recovery" rhythm, and the momentum release is relatively gentle. On the hourly level, it fluctuates repeatedly under pressure around the upper and lower bands of the Bollinger Bands, with multiple attempts to break through the highs failing, entering a consolidation phase in the short term, waiting for a directional breakout signal. The daily chart shows a doji candlestick, and it is highly likely to continue the range-bound tug-of-war in the short term; however, structurally it still leans towards the bulls - after building up strength from the pullback, a breakthrough of the previous high is expected, though the probability of repeated dips and rebounds during the process is relatively high.

The pancake operation suggests a pullback near 107500-106800, with a target of 109200-110500 above. If it breaks through, continue looking up at #巨鲸加仓2.5亿美元BTC .