FX.co ★ Bitcoin: larger drop activated

The price of Bitcoin extended its sell-off and now is trading at 29,012 at the time of writing. It has dropped by 4.95% from yesterday's high of 30,342 to 28,842 today's low. The current sell-off forced the altcoins to drop as well.

In the last 24 hours, BTC/USD is down by 3.70% and by 3.39% in the last 7 days. You knew from my previous analysis that the cryptocurrency signaled strong sellers.

BTC/USD Strongly Bearish!

As you can see on the H4 chart, the rate finally escaped from the major range between 31,458 and 29,600 levels. I've told you in my previous analysis that the false breakout through 31,458 indicates an imminent breakdown below 29,600.

Staying near 29,600 announced strong sellers. Taking out this downside obstacle opened the door for a larger drop.

BTC/USD Outlook!

Breaking below 29,600 was seen as a short opportunity.