It looks like bitcoin
has found a good amount of support at level (2). The support at level (2) has so far been a lot stronger than level (1). This maybe a good sign of a strong bottom. If bitcoin
dips back below support level
(2) there will be nothing to stop it getting to level (3). I believe the support at level (3) will be even stronger but hopefully that doesn't need to get tested. A breakout of the downward trend would be a clear indication of the ending to this dip.