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The current price has been smashed down from 62,900 to around 61,000. The Bollinger Bands are opening up continuously, and the price is sliding along the lower band downward. Bearish momentum has not weakened at all—bearish power is still dominating the market, and the buy side simply can’t catch up!
Next, we’ll focus on the support at the lower Bollinger Band at 61,000. Once this level breaks, the price will continue to probe lower; if it holds, there may be a technical rebound after an oversold correction, but the upside room is limited. The middle Bollinger Band around 62,500 is strong resistance!