Down to where? Between $4 & $4.25 is where I see the support. If we drop below $4.5 a trading range of $4 - $4.2 is what I'd expect.
I don't have the means to annotate a chart now, but if you look at the 2mo chart you can see that there are no previous lows between $4.5 and $4.2 (or so, bitcoincharts are a little squashed on my screens) With nothing between here and there, if we drop below that $4.50 mark, it's highly likely that we'll go down to where the previous support was. $4.50 represents both a chart support, and a mental support line. People like nice round numbers.
The risk here is that people, long, on the verge of overleverage, having just lost on the drop from $5.2 or $4.9 go even longer, and we see some volatility, resulting in another liquidity squeeze, accentuated by those who are long, and get stopped out. I'm guessing that most sane stops are just below $4.5 (to avoid getting stopped out on a momentary spike) and if we hit those, we have a long way south.
We didn't quite hit the same bottom we hit the other day, and we didn't sink below the magic mental stop of $4.50, which makes this seem less likely. I think people have a lot of balls to short wher we are today, without that confirmation of Price Action south of $4.50.
Once nice thing about week-apart up & down side liquidity squeezes is that some of those walls are broken down, and more fluid, and some people are sidelined. IMO, this could increase the intra-weekly trading range that we seem to be stuck in so much.