1. First look at the overall structure: M top + breakdown trend

Mid-January shows a clear M top (double top) on the daily chart, with a high around 3403, followed by a break below the neckline support.

After the breakdown, there was a rapid decline, with the lowest around 1740, which is a typical realization of the M top pattern.

Currently, the price is oscillating around 2000, indicating a rebound correction after the breakdown, but it has not yet regained the key midline/ moving average.

2. Technical indicator signals
Bollinger Bands: The price is currently near the lower band, with the midline (around 2560) and upper band (around 3520) above, forming clear resistance.

MACD: DIF and DEA are both below the zero line. Although there are signs of a golden cross, the red histogram is weak, indicating limited rebound strength. The overall trend remains in a bearish zone.

Volume: During the rebound phase, trading volume has not significantly increased, suggesting insufficient buying confidence and mainly a technical rebound after being oversold.

3. Key support and resistance
Strong resistance: 2500–2600 zone (BOLL midline + previous neckline). If the rebound cannot break through with volume, it is likely to fall back again.

Strong support: around 1740 (previous low). If broken again, it may test the lower band at 1562 or even lower.

4. Major trend judgment
Medium-term trend: Still in a predominantly bearish downtrend, currently just an oversold rebound, without a reversal signal.

Short-term trend: If it can hold above 2100 with volume, it may rebound toward the 2500–2600 zone; if it breaks below 1950 (24h low), there is a risk of testing lower levels again.