Whales sold heavily at 1.07, retail investors are still chasing long at 0.99, liquidity vacuum 1.22-1.26 has appeared, short-term waterfall can pull back to the 0.90 value area at any time.

Key Interval Structure
1. Value Anchoring: POC=1.073 (1.07-1.076), nearly 139 million USDT traded, Up/Down=42/58, bears dominant.
2. High Volume Area:
• HVN-1 0.948-0.957 (116 million) — secondary support, pullbacks can be shorted.
• HVN-2 0.894-0.903 (120 million) — strong support, concentrated cost area for main players.
3. Low Volume Gaps:
• LVN-1 1.22-1.26 (only 48-72 million) — upper vacuum, breakthrough requires >1.5× average volume, otherwise a false breakout.
• LVN-2 0.816-0.834 (75-164 million) — lower void, once breaking below 0.90, it will accelerate.
4. 70% Volume Coverage Area: 0.876-1.115, the current price is already near the upper edge, overbought.

Kinetic Validation
• Up Volume near POC 42%, bears in control;
• Recent 4h Up Volume average 52 million, if it rushes to 1.03-1.05 without significant volume, it is considered a bull trap.

Auxiliary Judgment
• Bollinger Bands: Price at 77%, upper band 1.027 has been reached;
• MA200=0.944, divergence 5.1%, short-term overbought;
• Contract holdings down 2.06% in 24h, long/short ratio 1.62→1.62, long positions have not yet closed.

Market Cycle
Mid-term oscillation leaning bearish: highs are gradually decreasing (1.37→1.15→1.07), positions continuously flowing out, belonging to the end of a 'downward continuation rebound'.

Trading Strategy
1. Aggressive Short: Gradually build shorts at current price 0.993-0.998, stop loss 1.028 (upper band +0.5ATR≈0.018), target 0.948 first HVN, risk-reward ratio 2.6.
2. Conservative Short: Wait for a break below 0.97 (VAH lower edge) and a pullback to 0.975 to enter, stop loss 1.003, target 0.918, risk-reward ratio 2.1.
3. Conservative Long: Only enter short when a pullback to 0.897-0.903 HVN shows PinBar+UpVol>60%, stop loss 0.887, target 0.94, risk-reward ratio 2.4.

Risk Warning
• If the 1d close stabilizes above 1.03 with volume >150 million, then the short position is invalid, reverse to chase long up to 1.07-1.10.
• Macroeconomic events (Federal Reserve, SEC news) can instantly break through LVN, be sure to set stop losses.

LP Market Making Suggestions
It is recommended to place dual-sided LP in the 0.90-0.95 USDT range:
• This area serves as HVN+MA200 resonance support, with active trading;
• After volatility narrows, fee income stabilizes, and the distance from the current price is 4-7%, providing a high safety margin.

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