Bitcoin rallied during the Asia session, moving above the short-term range between $29,800 and $30,500.
However, that rally failed once New York woke up, which is often the case with Asia-session pumps.
The 4-hour close back below $30,500 confirms the latest BTC move as a bearish fakeout.
It also opens up the minor range lows at $29,800.
Typically, a fakeout to one side of a pattern like this triggers an extended move in the opposite direction.
So that suggests an eventual break below $29,800, although that’s yet to be seen.
Friday’s move keeps BTC firmly between $29,800 support and $30,500 resistance.
A sustained break below $29,800 opens up the former range highs at $28,800 and the quarterly open at $28,452.
That would be a massive test for Bitcoin, given the three weeks the price spent below that mid $28,000 area.
Alternatively, a sustained break back above $30,500 would negate Friday’s breakdown and re-expose the Asia-session high at $31,060.
Remember to be careful trading on weekends, as the price action is often choppy and indecisive due to the lack of volume.
