On Thursday, January 28th, Bitcoin (BTC) is slightly rising, trading at $31,213.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
On W1, Bitcoin keeps correcting. The aim of the pullback is still the nearest support level of 27,523 USD. The MACD histogram remains positive, giving another signal for growth. The signal lines of the indicator keep growing upon forming a Black Cross, which increases the chances for ascending dynamics. Meanwhile, the Stochastic has formed a Black Cross in the overbought area, providing chances for further correction in the nearest future. Judging by all the factors, the cryptocurrency is likely to go on declining to 38.2% and continue the ascending impulse after the correction.
Photo: RoboForex / TradingView
On D1, BTC/USD is demonstrating further correction. The quotations have broken through 23.6% Fibo, still aiming the decline at 27,523 USD. The MACD histogram keeps declining, promising further pullback. The signal lines of the indicator are forming a Black Cross, supporting the correction. Everything indicates a high probability of the correction in the midst of growth. The aim of the latter, as on the larger timeframe, is 42,500 USD.
Photo: RoboForex / TradingView
On H4, further correction is also highly probable. The Stochastic will keep going horizontally near 20, which is another signal for a pullback that aims (as on larger timeframes) at the support near 27,523 USD. The aim of growth after the correction is also the same as before — 42,500 USD.
Photo: RoboForex / TradingView
The group of companies Rothschild Investment increased its investments in crypto, the BTC in particular, via the Grayscale trust. Curiously enough, the group of companies has nothing to do with the Rothschild empire, the same name is a mere coincidence. However, this brand, firmly associated with big money, does its business well. We know that Rothschild Investment bought crypto in 2017, and today it keeps increasing its investments smoothly.Via Grayscale, investors have bought over 21 billion USD.The interest of large exchange trusts towards crypto only supports market agitation.In JPMorgan, they think that the BTC is unlikely to rise above 40,000 USD. This is because even the present interest of institutional investors is not enough for pushing the rate of the flagship cryptocurrency this high. What can be bad for the crypto market is the interest of traders towards futures on the BTC. They are not likely to appear right away but this is quite possible.For this article, we’ve used BTCUSD charts by TradingView.Disclaimer: Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
