Bitcoin continues to move sideways in the short term. It's located at 30,231 at the time of writing. It has increased by 3.02% from Tuesday's low of 29,521 to 30,414 today's high. Bitcoin's rally helped the altcoin to come back higher as well.
In the last 24 hours, BTC/USD is up by 0.84% but it's down by 1.27% in the last 7 days. In the short term, the rate could extend its sideways movement.
BTC/USD Rebound!
BTC/USD found support on the 29,600 again and now it has turned to the upside. It has registered only a false breakout through this downside obstacle. It's still trapped between 29,600 and 31,458 levels.
Only escaping from this major pattern should bring us great opportunities. You knew from my previous analysis that BTC/USD could bounce back after reaching the range's support.
BTC/USD Outlook!
Jumping and closing above 30,442 should announce an upside continuation at least until 31,458.
A valid breakdown below 29,600 activates more declines and brings new selling opportunities.
