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.
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.