4-hour cycle analysis:

Current price is operating near the lower boundary of a converging pattern, where there is significant support effect. Key watershed for the day to focus on is around 105500:

1. If it effectively stands above 105500, short-term momentum will strengthen, likely testing the resistance at the middle axis of 106800 upwards.

2. If it continues to be pressured below 105500 and oscillates, be wary of the risk of bull momentum exhaustion.

Key level distribution:

Resistance range: 106800 (neckline), 108400 (previous high area)

Support range: 103000 (volume concentration area), 100500 (psychological level)