it is mostly because the market participants are mostly newbies who panic sell in face of a little manipulation and also some of them even love the drops. you can see from the troll accounts that became active in the past couple of days (the example is the second post here) that have been wishing for the dumps so that they could make some quick buck from the volatility.

TA,... won't work either because this is not a natural drop. it is manipulation.