I get your point virasog, but I doubt that it would be as dire for bitcoin as you suggest if some of those squiggly lines end up getting broken ($24,800 - ish). .and then bitcoin still ends up bouncing back, even though it wasn't supposed to be able to .. blah blah blah.
Yes, that's called manipulation, where the market makers and whales can give an illusion to the retail that look the 24K level is broken, now we are going down and everyone should sell, but usually such manipulation does not last long. Thats why we see "wicks" in the daily and weekly time frame, where the price moves down below important support but before the end of the day/week, recovers back.
In case, the price closes below the major support, does not recover and stays there in a higher time frame (Weekly), then chances are that the trend is broken.
Technical analysis (price action) does work in trading because the trading chart is not representative of the indicators & lines, rather it shows the human behavior and sentiments of the market, but most people do not know how to read them properly.