Based on the magnitude of the drop below the November 2018 lows (a bit under 10%), a $7K test or a hair below looks just about perfect.

Now the question is, is the December 2018 bottom the best model for the current price action?

Seeing some of the brutal wicks I've seen in Bitcoin, I'm not even ruling out a V-bottom off your 1.618 level in the low-mid $5,000s. That lines up with the 0.786 of the whole uptrend. I know xxxx123abcxxxx is looking at that area if the $7K area fails. https://bitcointalk.org/index.php?topic=5128394.msg52783442#msg52783442