Worse case Bearish scenario(UNLIKELY) 10K? Let's see.
Now in the shorter term, I am bearish. But It would take a lot to cause Btc to go down to 10K.
We would need to see more global events affect even more the markets, possibly issues in Europe and their energy crisis 7 the war in Ukraine. As some wouldn't have enough to afford to buy into crypto and may need to sell risky assets in times of political uncertainty, but also economical uncertainty.
We would need to see a chain of events that harm and cause people to avoid risky assets.
Now the lowest I honestly think we will see it go is where you see The fib line at 0.78% and bounce or go sideways for a while.
If we reach 0.61 fib line and cross it, we could expect a potential bull run. With the worst-case scenario, we see a lot of support at the 88% fib area, where the last line of solid support would be at 9700$ ish based on the VRVP. If we go lower than that (HIGHLY UNLIKELY) unless all governments in the world ban BTC mining, and mining centers/farms, then all bets are off for a bull run, with the preference going towards POS cryptos.
Now sure we can argue RSI is oversold. Oversold doesn't mean it cannot keep going down.
It's not a reason for me to be bullish when interest rates are going up. The last time RSI was this low, there were no, rising interest rates, the war in Ukraine, Europe energy crisis, who depends on Russia heavily for oil, like today. and the list goes on. Often bulls thought they found market bottoms while ignoring macro, and geopolitical, situations. Let's see how things play out.
Not financial advice for you to either go long or short. Only risk what you are willing to lose or hold on too. Always make sure you pay your bills and be a responsible adult. Do not mortgage your house or get a loan. Because MC Donalds cooking will be coming for you.
We would need to see more global events affect even more the markets, possibly issues in Europe and their energy crisis 7 the war in Ukraine. As some wouldn't have enough to afford to buy into crypto and may need to sell risky assets in times of political uncertainty, but also economical uncertainty.
We would need to see a chain of events that harm and cause people to avoid risky assets.
Now the lowest I honestly think we will see it go is where you see The fib line at 0.78% and bounce or go sideways for a while.
If we reach 0.61 fib line and cross it, we could expect a potential bull run. With the worst-case scenario, we see a lot of support at the 88% fib area, where the last line of solid support would be at 9700$ ish based on the VRVP. If we go lower than that (HIGHLY UNLIKELY) unless all governments in the world ban BTC mining, and mining centers/farms, then all bets are off for a bull run, with the preference going towards POS cryptos.
Now sure we can argue RSI is oversold. Oversold doesn't mean it cannot keep going down.
It's not a reason for me to be bullish when interest rates are going up. The last time RSI was this low, there were no, rising interest rates, the war in Ukraine, Europe energy crisis, who depends on Russia heavily for oil, like today. and the list goes on. Often bulls thought they found market bottoms while ignoring macro, and geopolitical, situations. Let's see how things play out.
Not financial advice for you to either go long or short. Only risk what you are willing to lose or hold on too. Always make sure you pay your bills and be a responsible adult. Do not mortgage your house or get a loan. Because MC Donalds cooking will be coming for you.