Categories
Market Report

CTO’s Bitcoin Market Analysis: November 3, 2021

Long-Term Bitcoin Price View

The Crypto-ML Market 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!

CTO’s Bitcoin Market Analysis: November 3, 2021 1
Pic 1

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)

CTO’s Bitcoin Market Analysis: November 3, 2021 2
Pic 2

Additionally, BTC is seeing “higher lows” on the daily chart. This is a bullish indicator. (Pic 3)

CTO’s Bitcoin Market Analysis: November 3, 2021 3
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.
CTO’s Bitcoin Market Analysis: November 3, 2021 4
Pic 4

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!”

Bitcoin Targets

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)

CTO’s Bitcoin Market Analysis: November 3, 2021 5
Pic 5

A test of resistance should be coming into play shortly!

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Add predictive capabilities to your crypto investing.Join Crypto-ML for Free