The confluence of retracement lines show where the resistances and supports are. My absolute bottom is the wick of the hammer from the 13th because that's where huge buys occurred to push the price back up. If that fails all those huge buys will turn into sells which pushes the price much lower. But if we manage to stay above that, then it may act as the last support and the price may rise from there.
Chart PatternsTechnical IndicatorsTrend Analysis

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