On Thursday morning, February 4th, BTC keeps growing, generally trading at $37,783.
By Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
- Tech analysis: BTC price is growing
- Google: the number of requests for buying BTC beats records
- BTC increased by 2,000 USD overnight
- Forecasts for BTC become every day brighter.
On W1, the Bitcoin keeps ascending, aiming at 42,035 USD. The MACD histogram remains in the positive area, giving another signal for growth. The signal lines of the indicator keep growing after forming a Black Cross, which increases the chanses for further growth. Meanwhile, the Stochastic also formed a Black Cross in the overbought area, giving a chance for a correction in the nearest future. Judging by all the factors, the crypto asset can form another pullback to 23.6% and continue growing then.
On D1, the cryptocurrency keeps growing after a bounce off 23.6% Fibo. The MACD histogram keeps growing, which suggests the development of the ascending impulse. The signal lines of the indicator are forming a Black Cross, supporting a correction of the quotations. By all indications, a correction before growth looks more probable. The aim of further growth is the same as on the larger TF — 42,035 USD.
On H4, BTC/USD is again testing the resistance level which, in turn, gives a reason for a new correction. The Stochastic is heading for the area around 80, supporting further growth. Comparing this pattern to previous ones, we can forecast a minor correction and further growth afterwards. The aim of the growth remains the same — 42,035 USD.
According to Google Trends, these days the number of requests formated “buy crypto” has reached its all-time highs. Nowadays, the interest of investors towards crypto assets (at least, in digital retrieval systems) is 35% higher than in December 2017 when BTC was growing extremely quickly. Google tracks the request “best crypto app” that is also setting new records — its number has almost doubled compared to 2017.
Since yesterday, BTC has grown by 2,000 USD. Thus, the price restored from the decline of January 22nd.
Meanwhile, public forecasts of the future of BTC become brighter and brighter. For example, in Guggenheim Partners, they think that BTC price can reach 400-600 thousand USD. They say that the flagship crypto enjoys a vast room for growth, especially with the limitations of its emission compared to gold.
People keep contrasting gold and BTC but currently, this does not seem to be accurate.
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.
Dmitriy Gurkovskiy is a senior analyst at RoboForex, an award-winning European online foreign exchange forex broker.