In order to continue the upward trend at the four-hour level, the most critical point is that the bottom cannot make a new low—this is the watershed for whether the bulls can hold steady.

From the trend perspective, the bottom has been rising. Last night broke 892, and today surged to 896, 898. Each time it retested, it did not break the previous low, which is a sign of the bulls firmly controlling the rhythm. In theory, as long as this rhythm is maintained, subsequent retests should not reach the 904 level.

If retesting continues after 1 a.m., the ideal stop-loss position should be above 905—for example, at 906, 908—so that it can indicate that the bulls still have an edge. Once this range is broken, even if there is a rebound afterward, it should be questioned.

Before a new low is made, there is actually no need to be overly nervous. For positions with shallow drawdowns, this kind of oscillation range can be an opportunity—moderate T+0 operations can be used to gradually lower the holding cost, which is more comfortable than lying around in silence. The key is to hold the bottom line and not let the market suddenly break through the defense line.