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Bitcoin price congestion warns of a 25% breakout


www.fxstreet.com 20 May 2022 00:38, UTC
Reading time: ~2 m

  • BTC price sideways action spells for an explosive move coming.
  • Bitcoin price has Fibonacci targets at $35,000 and $37,000.
  • Invalidation of the bullish thesis is a breach below the swing low at $26,500.

Bitcoin price sideways action signals smart money involvement. A jaw-dropping rally could occur in the very near future.

Bitcoin price set to ignite a new rally

Bitcoin price action is currently distorting severely compared to the previous consolidations within the decline. The overloaded sideways action could set up a new trend explosion targeting zones between $35,000 and $37,000. 

The Bitcoin price Relative Strength Index is beginning to show impulsive momentum. There could be short-term turbulence in the $30,000 price zone with minor pullbacks before the fireworks occur. A Fibonacci projection indicator surrounding the swing low at $26,500 into the swing high at $ 31,130 projected into the congestion zone at 28,800 provides significant 161.8% and 200% levels in the upper $30,000 levels.

Tm/BTC/5.19.22

BTC/USDT 30-Minute Chart

Invalidation of the bullish thesis is a breach below the swing low at $26,500. If the bears manage to break this barrier, the next target would be $23,500, resulting in a 20% decrease from the current BTC price.


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