It is a bit strange to me and makes me think whether this time it is different. TA is not very much respected (well it was never too much respected to begin with with BTC) but especially after breaking the 6Ks there is hardly any buing reaction, like a patient that is already clinically dead but still supported from machines..
First of all, I cringe whenever I hear "this time it's different" when someone says that about financial markets--any of them. As I write this, preev has bitcoin at $3759, which is a damn good drop from where it was, but if there was no "support" or people buying at all, bitcoin would be headed toward zero--and it's not.
I don't believe in TA. I think it's a bunch of voodoo unscientific approaches to predicting prices based on past price behavior. Sometimes it works, sometimes it doesn't, but it's a bunch of randomness IMO, just like the market is.
The fact is that none of us know what's causing this bitcoin battering, i.e., who's selling. But Jesus, just be patient and things will probably get better. Assuming you bought bitcoin above $3700, what are you options right now? Sell at a loss? That's a sucker move. Let the weak hands in the market do that and pick up the scraps--because those scraps are going to be worth quite a bit more in the coming months (and this is
just my opinion). I don't claim to know what any recovery is going to look like. Hell, we could drop lower too. It's anyone's guess.