Bitcoin (BTC) weekly price action for the week commencing 15th of January 2018 has shown a positive bullish Hammer candle. This indicates much buying activity from $9222.00 all the way up to $12500.00.
From a weekly standpoint I find it difficult for the market to drop below $9200.00 anytime soon.
For long term investors, the strategy might well be to spread buys over the next few months whilst the market consolidates so that an average price can be taken.
More cautious investors may be best placed to hold and wait to see a weekly bullish green candle after this bullish Hammer candle before making any decisions.
(disclaimer: This is not investment advice)