At this level, absolutely don’t follow the crowd in panic to cut losses, and don’t chase shorts!

With a deep oversold condition plus a dual resonance at key support, this is a golden window for phased buying at low levels and setting up long positions.
A pullback (retest) into the 80,000-80,200 zone is the ideal entry for going long; place the protective stop-loss below 79,800.
For the first rebound target, look to retest the 81,000 Bollinger middle band resistance—if it breaks and holds, continue watching the 81,800-82,200 prior high range to recover all the declines from this round.