FX.co ★ Bitcoin challenging 29,600 range support

Bitcoin crashed in the short term and now is located at 29,699. It has dropped by 7.22% from Thursday's high of 31,818 to 29,521 today's low. The current sell-off forced the altcoins to drop as well.

In the last 24 hours, BTC/USD is down by 1.42% and by 3.02% in the last 7 days. Technically, the crypto signaled exhausted buyers, so a larger correction is in cards.

BTC/USD Imminent Breakdown!

As you can see on the H4 chart, the rate registered only a false breakout through 31,458 and now it has turned to the downside. It's still trapped between 31,458 and 29,600 levels. You knew from my previous analysis that only escaping from this pattern could bring new opportunities.

The token is challenging 29,600 and the weekly S1 (29,537). False breakdowns may announce a bounce back.

BTC/USD Forecast!

A valid breakdown below 29,600 activates more declines and is seen as a selling opportunity. False breakdowns could bring new longs.