Start Trading Now Get Started
Advertiser Disclosure
Advertiser Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

BTC/USD Forecast: Stabilizes After Selloff, Eyes $110K

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
  • Bitcoin has rallied a little bit during the early hours on Tuesday, as we continue to see a lot of noisy behavior.
  • That being said, it’s probably worth noting that the Monday session initially plunged, but we have since stabilized a bit after that sell off, and while the candlestick wasn’t massively bullish on Tuesday, it is important to note that the market has found its footing again.

BTC/USD Forecast Today 29/01: Eyes $110K (graph)

Finding its footing is crucial for the market to turn around and go higher, and it may take a while for a shot to the upside occurs, but I think it’s probably only a matter of time before it happened. Ultimately, I think that the market will try to find its way back to the $110,000 level, but it’s going to take something special to finally break above there. If and when we do though, that would be a sign that Bitcoin is ready to really take off to the upside.

Top Forex Brokers

1
Get Started 74% of retail CFD accounts lose money Read Review

Technical Analysis

The technical analysis for this pair is of course very bullish, but over the last couple of months we have gone somewhat sideways. After all, the sideways action is probably necessary due to the market needing to digest a lot of the gains that we have recently made, so I think we will probably see a lot of choppy behavior. It’s also worth noting that the 50 Day EMA offered support on Monday, and then again, we also have the $100,000 level right in the middle of all of this, which obviously probably attracts a lot of attention. In fact, it’s not until we break down below the $88,000 level that I am worried about the overall uptrend.

If the market were to break above the $110,000 level, then I think we could go looking to the $130,000 level above based on the “measured move.” In general, I think this is a situation where a lot of people will continue to buy the dip, picking up “cheap Bitcoin.” Keep in mind the Federal Reserve is having a meeting on Wednesday, so that could cause some volatility as well.

Ready to trade daily Bitcoin forecast? Here are the best MT4 crypto brokers to choose from.

Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

Most Visited Forex Broker Reviews