I guess we're now re-testing a very very long term support line. This is worrying! If we break below $350 - I don't like this saying at all usually - we're doomed!
And why would that be? You probably would have said the same in 2011 about $4.Because going down about 80% is generally a very very bad sign about effectively anything tradable. If nothing else, it will send a terrible signal to people watching Bitcoin.