CTO’s Bitcoin Market Analysis: November 10, 2021
Long-Term Bitcoin Price View
The Crypto-ML Market 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.
The Market 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.
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.
These predictions reaffirm profit-taking and suggest staying on the sidelines for now.
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.