Technical analysis is a beautiful fantasy. It's a prediction which is as good as any other (or, like mjglqw says, and then there's a special value of it but not in terms of predictions) but is covered in a sophisticated convincing form. What makes it different from other ways of predicting the prices, though, is that since many people believe in TA and act according to its predictions as well as share them with other people, it can be a self-fulfilling prophecy. You know, like spreading FUD leads to prices going down, but in a way more serious than that. Anyway, the current price drop is significant, that's true, but it does not mean that we won't see Bitcoin around $10k in a couple of days.