Market Trend Analysis

Overall Trend: Volatile with a Slight Downward Bias
As shown in the chart, after a period of high-level consolidation, the price experienced a clear decline. Especially after 06:00, a large bearish candle directly broke through the previous hours' consolidation level. Subsequently, the price continued to fluctuate at lower levels. Although there was a slight rebound, the overall center of gravity shifted downward.

Key Level Analysis

Resistance Level (Upper Resistance): 70800 - 71000. This is the dense area of previous highs and consolidation levels. Currently, it is a strong resistance zone, and the price has attempted to rebound multiple times without effectively breaking through this area.

Support Level (Lower Defense Line): 70000 - 70078. The lowest point marked at 70078.6 is a short-term critical support. If this level is broken, it could open the way for further decline.

Trading Guidelines

Entry Point: Place a short order near the current price of 70250, or wait for a rebound to the 70350-70400 range and enter after encountering resistance.

Stop-Loss Level: Set above 70550. If the price strongly breaks through 70550, it indicates that the downward trend may temporarily reverse, and it’s advisable to exit and observe.

Target Levels:

First Target: 70080 (previous low).

Second Target: If the 70080 level is effectively broken, look for a target around 69800-69900.