A one-hour cycle this round's bullish move has formed a standard five-wave impulsive structure, with the price reaching the 67,250 chip-intensive supply zone to build a failed top, and the market forming multiple resonance divergence structures. MACD and RSI simultaneously show new highs in price but with momentum not following, indicating a hidden bearish divergence. Coupled with shooting star and bearish engulfing candlestick patterns, bullish momentum has completely entered a failure cycle.

At the end of the rally, the liquidity siphon effect diminishes, active buying continues to decrease in volume, floating profits in the market are concentrated in profit-taking, and order flow shifts to a sustained net outflow. The divergence between volume and price at the top confirms a gap in the upward momentum, and the stage of selling pressure reversal has already taken shape.

In the moving average dimension, the price forms an extreme deviation rate with the EMA30 medium-term moving average, indicating a forced correction of the divergence in technicals; the short-term EMA7 support has been replaced by resistance, and the current price continues to be pressured below the dynamic moving average, with the original bullish moving average arrangement gradually loosening and disintegrating.
Above, the supply resistance zone between 67,200 and 67,250 has accumulated many take-profit orders. Without a large increase in buy volume to break through, the bullish rebound space will remain limited.

The market is about to enter an ABC correction wave cycle. After a short-term effective breakdown of the EMA7 dynamic resistance, the initial downward target is the 66,300 previous demand support level; if this support is lost, a deep correction will directly reach the 65,740 mid-term EMA.
From a risk control perspective, locking in the 67,250 stage extreme high as the falsification boundary of the bearish structure, a volume breakout above this level would invalidate the bearish logic. Currently, the supply pressure zone is being tested in stages for short positions, playing a game of the stair-step downward space after the bullish drive wave ends. #我的Gate交易时刻