1. Daily Trend Structure

The main trend remains in the pullback correction phase of the bullish continuation, but the recent two consecutive bearish candles have clearly broken through the short-term bullish rhythm, and yesterday's close formed a medium bearish candle, confirming the pullback support of EMA60, which is currently still oscillating above it.

The MACD is converging again after a golden cross at a high position, about to death cross, and short-term momentum is waning.

The trading volume has moderately increased, indicating that the current selling pressure has not yet been fully released, and the bulls have not completely absorbed the sell-off.

2. 1 Hour Chart Structure
A clear wave of high fluctuations has just formed, followed by a pullback + EMA death cross pressure. Currently, the price is under pressure below EMA60 and EMA144 (moving average resistance zone).

The MACD failed after a golden cross below the zero line, shifting to horizontal consolidation with weak directionality. In the short term, it may enter a weak rebound or a sideways period.

The trading volume has significantly decreased, indicating a lack of strength in the rebound, and the upward momentum is relatively weak.

3. Key Price Range
Resistance levels above: 106800 (EMA144 resistance level) / 107800 (recent rebound high) / 110000 (psychological round number)

Support levels below: 104000 (previous daily support) / 102500 (previous low range) / 100372 (previous low extreme defense)
Short Selling Strategy (Recommended)
Entry point: Failed to encounter resistance near the rebound to 106500.

Stop-loss level: above 107800 (breakout on rebound)

Take profit levels: 104000 / 102500 / 100500 (in batches)

1. Signal Confirmation
Short sellers need to wait for a rebound to be blocked before entering the market (a stagnation bearish candle appears on the 5-minute or 15-minute timeframe).

Bulls need to confirm the appearance of a daily-level bullish reversal candle before considering an attempt (preferably a strong bullish candle).

2. Position Control
The daily structure has clearly weakened, and the rebound is weak; it is currently not suitable to heavily invest in a one-sided bet.
(This does not constitute investment advice)