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CTO’s Bitcoin Market Analysis: November 17, 2021

Long-Term Bitcoin Price View

The Crypto-ML Market Index is currently at 18.42 and has been declining for 4 days now. Bitcoin price has corrected about -8.5%. We may see the Market Index might cross under its zero line and into bearish territory.

CTO’s Bitcoin Market Analysis: November 17, 2021 1
Pic 1

Notice when Market Index is under the zero line, price action tends to stay sideways and/or down until Market Index starts climbing back up. (Pic 1)

The daily chart confirms why Market Index has tanked over the past days. Resistance was acting as support: $63,500. Resistance was tested five days in a row before the bears were able to take control. Not only did the bears crash through $63,500, but they also crashed through support from Mid-April, 2021, and have tested Support 1 at $58,904 over the past 2 days. (Pic 2)

CTO’s Bitcoin Market Analysis: November 17, 2021 2
Pic 2

Short-Term Bitcoin Price View

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

Bitcoin: 

  • Sideways and a normal market. Not a good time to buy, volatility is low.

Ethereum: 

  • Bears in control, prediction for 6 and 12 hour are both negative as is price action.
  • But the Manipulation Detector has detected bullish market manipulation. Interesting that the Manipulation Detector thinks this is an unusual price prediction! Let’s see what CML-A has in store for us.
  • Note: Even though a bullish manipulation has been detected, you’ll notice a trade hasn’t been opened. That is because overall market conditions are considered too uncertain to open a trade. These types of checks and balances are built into the machine learning behind CML-A.
CTO’s Bitcoin Market Analysis: November 17, 2021 3
Pic 3

Bitcoin Targets

The 1-hour charts are showing some life after the -8.5% correction. Maybe we will see a test of “Support from Mid-April, 2021.”

I am seeing lower highs. I suspect there will be some zig-zagging while price goes up and starts testing $61,1xx.

If a cross under of Indicator Y (red line) occurs, expect more testing of Support 1. The daily candle needs to close green (UTC) for more upwards movement. (Pic 4)

CTO’s Bitcoin Market Analysis: November 17, 2021 4
Pic 4

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