FX.co ★ Bitcoin Extends Its Sideways Movement

BTC/USD is trading in the red at 30,043 at the time of writing on the h4 chart. As you already know, cryptocurrency continues to move sideways. It is trapped between the levels of 31,411 and 28,561.

Bitcoin is down by 1.30% in the last 24 hours and by 0.16% in the last 7 days. BTC/USD seems undecided in the short term, that is why altcoins could move in the range. Technically, the bias remains bearish despite temporary rebounds.

BTC/USD Upside Seems Limited

BTC/USD failed to stabilize above the 31,411 key resistance, so we cannot exclude a potential drop below the 30,000 psychological level. Personally, I'll wait for the price to escape from the current range before going long or short.

It remains to be seen whether this will be a consolidation or a distribution pattern. In the short term, the price action developed a triangle pattern. BTC/USD should explode soon as the current narrow range cannot continue forever.

BTC/USD Prediction

A valid breakout above 31,411 could signal further growth and could bring new long opportunities.

A new lower low and breaking below 28,561 will activate more declines towards new lows.