Looking at the weekly chart for Bitcoin, we may have already touched the floor price for BTC. Drawing a trend line from the low in August of 2015 (orange line), we see that there is strong support for Bitcoin at roughly $17,500. Bitcoin is currently in the "buy zone," and a price of BTC approaching $17,500 represents a significant buying opportunity.
On the weekly chart, we can also start a trend line from the low in August of 2016 (blue line) in an effort to find the floor price for BTC. Using this trend line, we see that there is strong support for Bitcoin at roughly $14,800. So, $14,800 is my worst case floor price for Bitcoin. However, I think that the trend line above is more reliable.
For both of these trend lines, there is only one touch point. So, this floor price has only been tested once (or twice, if we count the recent drop to $17,592).
On the weekly chart, we can also start a trend line from the low in August of 2016 (blue line) in an effort to find the floor price for BTC. Using this trend line, we see that there is strong support for Bitcoin at roughly $14,800. So, $14,800 is my worst case floor price for Bitcoin. However, I think that the trend line above is more reliable.
For both of these trend lines, there is only one touch point. So, this floor price has only been tested once (or twice, if we count the recent drop to $17,592).