That's an awful-looking chart and there isn't much comfort whatsoever if you want to go with the technicals.

Cryptocurrencies are in a bit of a turmoil this week following the Terra collapse, a token which was supposed to be pegged to the US dollar. Its sister token, Luna, also saw a staggering collapse of 96% this week - losing $25 billion in market capitalisation.

The crash has devastated much of the confidence protocols in the cryptocurrencies space and we're seeing broader spillovers across the market. Adding to the drama is that Terra backers are reportedly struggling to win investor support for a rescue to try and bolster prices after the crash from its US dollar peg.

Going back to Bitcoin above, the $30,000 level has been a rather key level technically and psychologically. It is an especially sensitive region where a break below that towards $20,000 could really trigger some serious fear and waves of added selling.

And going by the chart, it really isn't looking pretty for Bitcoin right now. And that spells plenty of danger for other tokens in the cryptocurrency space.