I'm inclined to agree that a relief rally to $30K is coming. Not convinced most investors will sell again if they haven't already though, for me this is more like around the $40K distribution level, even $50K. It will be a shorting range for derivatives markets though, that much is true. Given it was long-term support for 18 months, it'll likely become resistance now.  I think it also depends how quickly price rebounds to this level however.