Brief Analysis of Hourly Line on July 21:

From the hourly candlestick perspective, the overall trend currently exhibits a structure of rising and then falling. After the price surged to around 120000, it was unable to maintain its position, and the short-term upward momentum could not be sustained, with significant selling pressure evident above.

Looking at the Bollinger Bands, the middle band is around 118300, and the current price has just fallen back below the middle band, indicating that the short-term bullish momentum has weakened. If it continues to break below the middle band, then the support level around 116400 will be crucial.

From the MACD perspective, although the fast and slow lines are still above the zero axis, there are already signs of a high-position dead cross appearing, and the red bars are gradually shortening, indicating that bullish momentum is diminishing, and the short-term market may weaken.

On the KDJ front, the J line has already turned down from a high position, forming a dead cross with the K line and D line, indicating that the short-term market is entering a volatile bearish rhythm.

Overall, the current market shows signs of forming a top and then retreating. If it cannot regain a position above 119500 in the future, the potential for a rebound will be quite limited.

The operational suggestion is to try short positions with light positions at high levels, paying attention to risk control and focusing on the support performance around the 116400 level.