I don't know if this is a technical analysis
thing or not - I haven't seen it elsewhere, but I also haven't looked for it. From Jan 2016 (past 24 months), you can see each two point trend line
, as their frequency and angle increased. You can also see how the first (or last) trendline
has been violated, and I think the middle one will be touched. The general point of confluence seems to agree with the $7,400 price floor. The last trend line
suggest a $5,500 intersection, which I'm generalizing to mean either the $6,000 floor (unlikely) or $4,800 floor (more likely).
Personally, my money is literally on a bottom of $7,400. Any plunge beneath $7,400 suggests an over-sold state. That would need to be verified by momentum indicators such as the MACD