CTO’s Bitcoin Market Analysis: November 3, 2021
Long-Term Bitcoin Price View
The Crypto-ML Fear and Greed Index is currently at 41.3. It has been declining since October 31. Bitcoin price had a 3% upwards movement and bounced off support at $63,500. It then went to hit a high of $64,270 and retraced back to a close of $63,219. We are also not seeing extreme readings above 80 yet. (Pic 1)
Looks like there is still room for price to move up!
From a technical analysis perspective, price action is moving around inside the channel. Resistance was rejected. On the next candle after rejection, support from mid-April, 2021 was tested and then rejected. (Pic 2)
Additionally, BTC is seeing “higher lows” on the daily chart. This is a bullish indicator. (Pic 3)
Short-Term Bitcoin Price View
Crypto-ML’s Price Predictions are indicating the following: (Pic 4)
- Bitcoin: stagnant. But the Manipulation Detector has determined the market is not behaving normally and currently has an open trade @ $62804.83.
- Ethereum: stagnant. But here also, the Manipulation Detector has determined that the market is not behaving normally and currently has an open trade @ $4616.98.
The Manipulation Detectors are indicating that we have open trades for both Bitcoin and Ethereum. This means the predictions are tracking unusual movement.
This is when trading gets tricky. Price is fighting with resistance at $63,500. The neural networks (both 6 and 12-hour price predictions) are seeing price action as flat, while the Manipulation Detector is seeing a trade opportunity. The Manipulation Detector appears to be saying, “price is going to push through resistance, I non-standard price behavior playing out!”
The 1-hour chart shows a crossover of support and the subsequent rejection.
Manipulation Detector is on to something! The 1-hour is showing “lower highs” and painting a pretty picture that price action should be trending upwards. (Pic 5)
A test of resistance should be coming into play shortly!