Bitcoin price congestion warns of 25% breakout
- BTC price sideways action spells for an explosive move ahead.
- Bitcoin price has Fibonacci targets at $35,000 and $37,000.
- The invalidation of the bullish thesis is a breach below the swing low at $26,500.
The sideways price action of bitcoin signals smart money involvement. A breathtaking rally could happen in the very near future.
Bitcoin Price Should Trigger Another Rally
Bitcoin price action is currently distorting heavily from previous consolidations as part of the downside. The overloaded sideways action could set up a new trend breakout targeting areas between $35,000 and $37,000.
The Bitcoin Price Relative Strength Index is starting to show impulsive momentum. There could be some short-term turbulence in the $30,000 price zone with minor pullbacks before the fireworks happen. A Fibonacci projection indicator surrounding the swing low at $26,500 in the swing high at $31,130 projected into the congestion zone at 28,800 provides significant levels of 161.8% and 200% in the upper 30,000 levels $.
BTC/USDT 30-Minute Chart
The invalidation of the bullish thesis is a breach below the swing low at $26,500. If the bears manage to breach this barrier, the next target would be $23,500, which would result in a 20% drop from the current price of BTC.