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29.01.202504:54 Forex Analysis & Reviews: Forecast for Bitcoin on January 29, 2025

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On the weekly chart, there is a clear divergence between the price and the Marlin oscillator. This divergence has significant potential; if it does not lead to a full reversal, it could at least result in a correction lasting 2 to 3 weeks.

Exchange Rates 29.01.2025 analysis

On the daily chart, the price has consolidated below the MACD line, and the Marlin oscillator is attempting to enter the downtrend territory. The projected targets for the decline are as follows: 97,698, 96,236, 93,606–94,106, and 90,873, which is the low from November 26.

Exchange Rates 29.01.2025 analysis

An upward movement could occur if the price breaks above the MACD line at around 104,348. On the four-hour chart, the price remains below the balance line (red moving average) and is holding below the 102,698 level, which is the high from January 7. The Marlin oscillator has solidified its position in the bearish zone.

Exchange Rates 29.01.2025 analysis

The nearest targets for a decline in Bitcoin are 97,698 and 96,236. Conversely, an alternative upward scenario could develop if the price breaks above 103,794 and the MACD line at 104,348. It is worth noting that the MACD lines on the H4 and daily charts coincide, which further strengthens this resistance level.

Laurie Bailey
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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