On the 1-hour candlestick chart, the price closes at the highest point with a candle that has an extremely long upper wick. This is a typical liquidity-hunt behavior: the price spikes upward through the previous local high, luring retail traders to chase longs, and then quickly reverses. The upper Bollinger Band becomes a short-term strong resistance level; the market has already confirmed that high as a bull trap. After the top is formed, the candlesticks consecutively close with full-bodied bearish candles, and the price breaks below the last minor trough in the prior uptrend. On a micro level, the upward structure is damaged, and the market has now entered a consolidation phase in the middle of a downtrend. Regarding the Bollinger Bands, price is trading just below the middle band. Although the earlier push upward briefly drove the band opening to expand, as the price quickly fell back, the opening remains expanded. The lower band is clearly sloping downward, highlighting a bearish-dominant pattern. Therefore, in terms of short-term trading, the bearish outlook remains unchanged.
You can place sell orders around 1920; further support is around 1880. $BTC $ETH