Price is touching the upper Bollinger band + RSI 79, reminiscent of the 'false breakout' script in April; however, 24h contract positions surged by 7.9%, while spot has net outflow of 480,000, the long-short divergence has reached boiling point, and a series of explosions may occur at any time, 'first killing the shorts, then killing the bulls.'

[Key Range Structure]
1. Value anchoring zone: POC 8.8967 (trading volume 119 million, Up/Down ≈ 49:51), serves as the short-term 'magnetic axis'.
2. High trading volume zone:
• 9.22-9.26 (HVN)——Current price is at the upper edge of this range, has rebounded several times in the past, short-term resistance.
• 8.82-8.93 (HVN)——Main buffer below, a drop will accelerate.
3. Low volume gap:
• 8.42-8.53 (LVN)——About 8.5% away from the current price, if a large volume drops below, it can quickly slide to 8.0.
• 10.56-10.72 (LVN)——Vacuum above, if it breaks through with volume, it can directly target 11.0+.
4. 70% volume coverage: 8.75-10.27, current price is in the upper half of the range, slightly overheated.

[Momentum Verification]
• Around 9.2: Up Volume 54%, not reaching 60%, buyers have a slight advantage but no absolute dominance.
• 8.9 POC zone: Down Volume 51%, long and short are in a stalemate.
• Above 10.1: Down Volume 69%, main force has placed large sell orders in advance, heavy short-term selling pressure.

[Auxiliary Indicators]
• Bollinger Bands: 76% level, close to the upper band 9.39, short-term overbought.
• MA200: 9.099, deviation 1.3%, still healthy.
• OI: 24h increase of 7.94%, but long/short ratio dropped from 1.84 to 1.80, bullish accumulation has slowed.

[Order Book Anomalies]
Sell wall: The total of three levels at 47/45/24 exceeds 26 million USDT, five times the current price, difficult to break through in the short term;
Buy wall: 6.0 only 1.22 million, depth is severely insufficient, high risk of spike.

[Market Cycle]
Large scale is still in a bear market rebound: 30-day contract net outflow of -309 million, but the price rebounded by 4%, belonging to the 'rebound on reduced volume' stage, beware of a second bottom probing.

[Trading Strategy]
1. High short and low long in the range (main strategy)
• Aggressive: Short lightly at 9.28-9.32, stop loss at 9.38 (upper HVN), first target 8.93 (POC), risk-reward ratio ≈ 2.8.
• Conservative: Wait for a pullback to 8.82-8.88 (HVN + Bollinger middle band) to go long, stop loss at 8.75, target 9.22, risk-reward ratio ≈ 2.4.
2. Breakout follow-up (alternative)
• If the 1h closing price > 9.40 and Up Volume > 65%, can follow long to 10.1, stop loss at 9.28, risk-reward ratio ≈ 5.3.
• If it breaks below 8.75 with volume, follow short to 8.42, stop loss at 8.82, risk-reward ratio ≈ 3.9.

[Risk Warning]
• Strategy invalidation: If the funding rate suddenly turns negative > -0.02%, or OI increases > 10% in a single day, indicating main force is killing longs in the opposite direction, stop loss immediately.
• Black Swan: The 47 sell wall is instantly consumed, unconditional stop loss on short positions needed.

[LP Market Making Suggestions]
It is recommended to place a dual-sided grid in the range of 8.90-9.25 with a spacing of 0.02; reason: the range contains POC and two HVNs, dense trading, moderate volatility (ATR ≈ 0.35), can collect fees and wait for the breakout direction.

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