jonoridler

BTCUSD - Strong support at 5500?

BITFINEX:BTCUSD   Bitcoin / Dollar
Prior to hitting the peak of ~20,000, BTC             went through a period of consolidation for approximately one month between mid-October 2017 and mid-November 2017, during which the ~5500 level was touched a number of times, and was eventually the approximate level at which the upward movement toward the peak first started. Given this, I expect that this same level will offer a reasonable level of support once/if the price touches this zone. In light of the current trend, I would estimate that the price of BTC             will break through this support level and continue to retreat further downward following this.
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