If BTC is to recover from this massive dip and stay in a bull market it CANNOT go lower than 6600. This is the point that BTC broke out of its last structure and into our current structure. If it goes below 6600 we can expect a fast drop to 5400 followed by an even more big drop to 1700 for support.
My personal opinion: I don't think the whales that are pushing this price so low want BTC to fail, they just want to buy it cheap. So they're pushing the price as low as it can go without breaking the structure. ALSO, this type of pressure on the market will cause quite a spring back to new highs the likes we have yet to see in this market. Over sold is equally as quick to change as over bought.
What do you mean "it CANNOT" go lower than $6600? This is crypto. Do not dare to inject traditional market rules thinking you can tell it what to. Crypto does what it wants. It can do anything it wants and the whales will do anything they want and you, I, nor anyone else can do a damn thing about it. We are in their world now.
@MFINITI, Thought about this response. I think your right that the market can change dramatically, and whales can play. But I'm a chartist, and I have to believe that the chart is a functioning system that can't be broken and stay in line with it's current trajectory.
6600 is the last point I could find of support. Below 6600 is 5529, which is support, but a double bottom is not in the same market structure, and BTC would categorically be in a much larger Bear market, doing an ABC correction down to 3k then 1.7k