We are currently at the spot BTC found support during previous bull markets, will it find support again?

In the past the RSI zone of 53-54 has been a very important reversal zone during bull markets.

In the 2017 bull market the price found support 4 times when the RSI pulled back to this zone.

Check it out:

(Source: https://twitter.com/drei4u/status/1393610190834962440/photo/1)

This is currently the 4th touch of this bull market.

Will the price hold up again in this area like it did back in 2017?

We will find out in the coming weeks...

One caveat to the chart above is that you could make the argument is that the 53-54 RSI range has only been tested 2 times during this current bull market instead of 3, depending on what you want to classify as a "test".

Either way, we are a pretty important level here.

I suspect we hold up here and start moving higher next week.

What do you think?

Stay informed my friends.

-Doc