Bitcoin coming back, how far could it fall?

Healthy consolidation

After a nice rallye the past weeks Bitcoin price is currently comming back a bit. We are down -6% from the high of 38k Dollar and trading today at about 35,7k. Before we should start to worry too much we have to be fair. It cannot go up every day. We need some consolation or correction phases in between to cool down a bit and take a new run up for the next upwards move. That’s very healthy and shouldn’t make us nervous.

Support at 31k

If we look at the chart we now see the zone around 31k, that was a resistance before, now as the major support. It doesn’t mean we will fall that deep but there we should see support and people buying in again. I myself think we will probably turnaround earlier.

How far do you think the price of Bitcoin will consolidate?