A thought experiment of how far we "Could" go down
"if" we use the actual top as the point to count waves down in the RSI, we could see a much further drop than expected. It has happened before and the RSI patterns more closely resemble 2013's start of bear market.
2014's end of bear bottomed out at the peak of the large bear market rally ending in April 2013. This would put us at $17,000 best case scenario and $11,500 worst case scenario.
This would also mean a break down of giant key trendlines. We have since broken down from the trendline covering the 2015 bull run and we are sitting at the last one captured by the covid capitulation.
This is not to say we "Will" go down to these levels, but would it be a surprise if we did?
2014's end of bear bottomed out at the peak of the large bear market rally ending in April 2013. This would put us at $17,000 best case scenario and $11,500 worst case scenario.
This would also mean a break down of giant key trendlines. We have since broken down from the trendline covering the 2015 bull run and we are sitting at the last one captured by the covid capitulation.
This is not to say we "Will" go down to these levels, but would it be a surprise if we did?
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