In the 4-hour chart, the MA5, 10, and 30-day moving averages are in resonance and pressing down, and the MACD and KDJ indicators are diverging downwards at a low level, indicating strong bearish momentum.

Looking at the hourly chart, the market shows a volatile downward trend, with support levels in the range of 102500 - 100500.

In the short term, the market is dominated by bears, and the suggested trading strategy is to focus on short positions.

Specific operations: When the price rebounds to 105000 - 106000, short positions can be taken in batches, with the initial target at 103500 - 102500; if the bears increase and break the support, further downside targets can be set at 100500.