Analysis of the big pie market on the evening of the 20th.

From observing recent market trends, the significant rise in the current round of big pie pricing is mainly driven by the contract market. The market has completely digested the short liquidity above 105,800 magnesium dollars, successfully achieving the expected market clearance. It is worth noting that despite this key clearance action being completed, market trading activity remains high, indicating that buying power still dominates the lower levels in the market. If the big pie can stabilize above the 105,500 price level during the trading hours in the magnesium country, it is likely to launch an attack towards the area above 1068, which will open up wider upward space for the pricing trend.

In the afternoon, influenced by the inflow of on-chain funds, the big pie increased to around 1065 and faced resistance. From the current K-line, short positions in the big pie have reduced and are under pressure near the middle track. The MACD fast and slow lines at the four-hour level have shown an initial golden cross, but the histogram is weak, indicating that the bulls have not fully dominated, suggesting that bullish power still appears weak. In the short term, it is highly likely to continue a sideways consolidation trend, especially from the rebound structure after June 17, where the bottom has increased but is not robust. This volume increase seems more like a trap for the bulls. The 1068 area is a key resistance level in the near term. If this area struggles to reach a high, it may likely open up a downward channel again. The evening's viewpoint still favors the bears, paying attention to the resistance performance near 1070.

Big Pie; Short near 106000-106500, target looking at 104500-103000, stop loss at 107000.

Ethereum; Short near 2550-2570, target looking at 2450, stop loss at 2600.