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CTO’s Bitcoin Market Analysis: November 10, 2021

Long-Term Bitcoin Price View

The Crypto-ML Fear and Greed Index is currently at 43.52. Despite the rally, it has been zig-zagging (staying fairly flat) and is currently declining. We are not seeing extreme readings above 80 yet. 

CTO’s Bitcoin Market Analysis: November 10, 2021 1
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The Fear and Greed Index still has plenty of room to go before hitting its top. This, combined with the daily charts, means we’re likely seeing some profit-taking.

BTC has support at $63,500 and could fall back to this level before making its next move up.

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Short-Term Bitcoin Price View

Crypto-ML’s Price Predictions are indicating the following:

  • Bitcoin: Steady price decline and a normal market. This is telling us it is not a good time to buy.
  • Ethereum: Flat and slight bearish over the next 12 hours.
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These predictions reaffirm profit-taking and suggest staying on the sidelines for now.

Bitcoin Targets

Bitcoin is currently testing support at $63,500. We need to monitor this line to determine its next move. Expect it to be tested several times before we see any real conviction in the markets.

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