Four-hour cycle observation shows that the three lines of the Bollinger Bands are tightening. From a technical perspective, the daily candlestick chart is closely arranged, with the volatility continuing to narrow. The short-term and medium-term moving averages are intertwined, forming a stalemate, which fully reflects the strong wait-and-see sentiment in the market. Currently, both bulls and bears are in a balanced position, making it difficult to form an effective breakthrough. Based on this, it is expected that the oscillating trend will continue in the short term, with the possibility of further declines.

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