The recent pain in Bitcoin is bringing a huge psychological level into play. The $5500-$5000 level is very likely to attract institutional longs in anticipation of a return to $7500-$10,000 by year's end. If you don't mind a traditional buy-and-hold investment, then going long from this area is not a bad idea.
This trade is one that will be made by a majority of long-term BTC bulls. It is a buy-and-hold play, meaning that it will take some time to be decided. There are a myriad of trade management options here, so check back for ideas on how to manage the open position should it go live.