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The 4-hour cycle overall maintains a bearish structure, the medium-term trend line continues to decline forming strong resistance, the core resistance zone is concentrated around 72.50; currently the price is under pressure from short-term moving averages, with key support below locked at 65.75.

After bottoming out and recovering at the hourly level, it made a small upward surge; the current price is blocked by the short-term resistance at 71.8; the accompanying indicators have reached high levels, and the short-term bullish rebound momentum continues to weaken.

Market logic: Until the price can effectively stand above 72.50, all rebounds are defined as continuations of the downtrend, without the conditions for a reversal.

Trading idea: Place short positions in batches within the 71.80-72.30 range, with downward targets at 70.0 and 65.75 in sequence.
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