BBI and BOLL from the 1-hour to the daily chart are collectively pushing the price below the key levels, and the market remains weak with a rebound. The MACD on the daily and weekly charts are bearish, and the retracement inertia has not ended; the medium-term resistance of the daily MA is still strong; RSI is also in the weak zone, making rebounds difficult to sustain. KDJ is hovering at low levels, indicating that the rebound after the decline is accumulating, but the momentum has not yet turned strong.

The strategy is mainly "rebound shorting and holding positions with stop-loss," avoiding chasing rallies and not catching falling knives at the lower levels. If the closing price cannot rise above 70,000, rebounds should be viewed as retracements; the first support below is at 68,400. If this level is effectively broken, the bears will have a smoother path. If the price rises above 70,000, switch to a range-bound approach.

Key level: 70,000
Resistance levels: 70,800 / 72,300
Support levels: 68,400 / 67,600

Mid-term remains bearish: after failing to break higher at 79,300 on the weekly chart, the price dropped to 59,800, then recovered to around 70,200 but still below the previous high, indicating a correction zone after the decline. The daily chart is oscillating around 70,000; holding above 70,000 and closing higher would suggest a recovery rebound; losing 70,000 and dropping below 68,500 would indicate continued decline. Only if the price recovers and stabilizes above 74,000 can the medium-term resistance be pulled back into a bullish control zone.