Top Left Text Box:
Purple ellipses: Whenever we see large moves in such a short amount of time like this, it does not allow time for supports to be established.
(IIRC this was also the case with Verge when it moved from ~$0.11 to $0.19.)
If we take a look at the orange support we can see the breaking point circled in red. If we take a look to the left we see this move almost mirrored in the large ellipse.
So why is this important to note?
Well from this we can get a rough idea as to how the retracement is likely to unfold and where we are most likely to find the bottom.
I've placed the fib retrace here because if we look at the cyan ellipse we can see that it's established a relatively strong support as it has bounced ~5 times on the way up and very recently ~2 times on the way down.
There is a high probability this is the true bottom.
However, a retrace to 1500 sats is not impossible.