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Bitcoin price could be undergoing Smart Money repositioning – FXStreet

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Tony M. Tony M.
FXStreet

Bitcoin price presents a hopeful scenario of a Wyckoff Accumulation phase. Traders should expect low momentum trading before the next directional trend is established.
Bitcoin price currently trades at $38,600. Last month, this level was forecasted to be a significant price level for smart money. The bears are losing momentum as the price action is printing multiple dojis and indecision candles. The nature of this zone still portrays a Wyckoff accumulation event underway which is very optimistic for cryptocurrencies despite the harsh sell-offs experienced this weekend for altcoins.
TM/BTC/5.22.22
BTC/USDT 4-hour chart
The bullish target for the Bitcoin price is between $44,000 and $51,000 to complete the Wave D of the widely prophesied Bitcoin triangle. The volume profile indicates the current downtrend is in jeopardy as the tapering could mean sellers have left the market. Additionally, the BTC price is hovering above a parallel channel median trend line, which adds bullish confluence.
Invalidation of the bullish thesis is now close below the swing low at $37,340. If the bears can suppress the Bitcoin price back to this level, the $34,500 zone would be their next target, resulting in a 15% dip from the current price.
 
 

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Zilliqa price crashed roughly 69% from its all-time high at $0.230 on April 1. ZIL might rally 37%, providing a better opportunity to short at the retest of the $0.097 to $0.121 breaker. If the altcoin produces a daily candlestick close above $0.121, it will invalidate the bearish thesis.
Bitcoin price presents a hopeful scenario of a Wyckoff Accumulation phase. Traders should expect low momentum trading before the next directional trend is established. BTC price volume is dropping. Invalidation of the bullish scenario is a breach below $37,650.
Solana price is enduring one of the strongest downward slides in the crypto market. Despite the community's vocal optimism on social media, the digital asset could still experience more severe sell-offs if market conditions persist.
XRP price looks concerningly bearish. SEC delays and global inflation seem to have bulls showing up in low proportion compared to the bears. XRP price is seeing an uptick in sellers' volume. Invalidation of the bearish case is a breach above $0.72.
Bitcoin is likely to slide below $37,699 to collect liquidity before heading higher. BTC has prematurely triggered a minor run-up, leaving its downside objective unfulfilled. Investors can expect BTC to slide lower and collect liquidity below a significant level before triggering a full-blown impulse move.
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