It looks to be getting ready for the next leg down. At the bottom of this pink line there is the green line. This green line is the parabolic rise from the all time low back in December, through to, the beginning of the rise in BTC price at the start of April. April is when BTC began it's parabolic move that ended mid July.
It is strong support and I would not be too surprised if BTC stops it's current fall at this point of $10630 - $10590
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$10702 is the .5 fib retracement from the end of April low