One-hour cycle: In this round, the bulls have driven a standard five-wave impulsive structure. The price has reached the 67,250 chip-intensive supply zone to form a depleted top. The order book shows a multi-layer resonance divergence structure: MACD and RSI both make new price highs while momentum fails to follow, indicating a hidden bearish divergence. This is overlaid with a surge-top shooting star line and an engulfing bearish K-line combination, leaving the bulls’ momentum completely in an exhaustion cycle. At the end of the rally, the liquidity siphon effect fades, active buying continues to shrink in volume, floating-profit chips in the market are concentrated and realized, and the order flow turns into a persistent net outflow. The volume-price top divergence confirms a gap in chasing gains with an influx of incremental funds cut off; the turning point of selling pressure has already taken shape.

In the moving-average dimension, the price and the EMA30 medium-term moving average form an extreme deviation rate, meaning the technical side has a strong forced divergence-repair move. In the short term, the EMA7 has completed a support-to-resistance role shift; the current price continues to face pressure below the dynamic moving average, and the previous bullish moving-average alignment is gradually loosening and disintegrating. Above, the 67,200–67,250 supply resistance band is stacked with a large number of take-profit sell orders. If there is no breakout with a large incremental buy volume, the upside rebound space for the bulls will continue to be capped.

The market is about to enter an ABC correction-wave repair cycle. After a short-term effective breakdown of the EMA7 dynamic suppression, the first downward target is the 66,300 prior demand support platform. If that chip support level is lost, the swing correction depth will directly reach the 65,740 mid-term EMA moving average. From a risk-control perspective, lock the 67,250 stage extreme high as the falsification line for the bearish structure: if volume and price stand above that level, the bearish thesis fails. At present, short positions are being tested in batches by relying on the supply-pressure zone, wagering on the stepwise downside space after the bulls’ impulse-driven wave ends.

Trading suggestion: 67,500–68,000, 箜; target 65,500–66,000.