Interpretation of Market Structure
After the price reached the upper band of the Bollinger Bands at 65500, a series of continuous declines began, with the K line persistently moving down along the lower band, resulting in a short-term one-sided downtrend, with a lowest point hitting 63775.
After reaching the low point, a rebound occurred, with the price quickly rising from the lower band to approach the middle band; the current price is running near below the middle band.
The middle band of the Bollinger Bands has gradually flattened after a downward trend and now serves as the primary resistance for the rebound; this round of rebound is a recovery after a significant drop and has not yet reversed the trend. Recently, the K line entities have narrowed, and the rebound momentum has slowed, indicating signs of upper pressure.
Key Interval Division
✅ Upper Pressure: Middle Band Area (64600–64900)
This is the primary resistance zone for the rebound. If the price continues to be pressured below the middle band, the recovery is likely to end, leading to another drop; only when the K line entity stabilizes above the middle band can further upward space be opened, testing pressure near the previous high point.
✅ Short-Term Strength and Weakness Divide: 64000
This is the current oscillation center. Stabilizing above maintains a weak rebound pattern; if it effectively breaks below, the bullish recovery will be declared over, and the market will retest the support at the lower low points.
✅ Lower Support: 62000–63500
This is the support area for the bottom of this round of decline. If the pullback effectively breaks this position, the bearish trend will restart, further opening downwards space. If it bounces back and holds the 64000 support, it could push up again to test the middle band; if the entity stabilizes at the middle band, the rebound may continue. If the rebound touches the area near the middle band and faces pressure leading to a bearish close, the momentum will exhaust, and the market will retest the 64000 support; if the support is lost, it will challenge the previous low at 62000.
Operation Suggestions
For shorts, consider entering positions near the upper level of 65000,
For longs, consider entering positions near the low point of 62500 (the starting position of this round of rebound).
Official Account — Bit Bear X
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