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Market Report

CTO’s Bitcoin Market Analysis: November 24, 2021

Long-Term Bitcoin Price View

The Crypto-ML Market Index is currently at -1.65 and has been zig-zagging downwards since Nov 8, 2021, along with Bitcoin price.

CTO’s Bitcoin Market Analysis: November 24, 2021 1
Pic 1

I made an educated guess last week stating I thought the Market Index would head to negative territory, which indeed happened. When the Market Index is negative, conditions will be tough for short-term traders. However, it may be a time to start buying for longer-term positions, especially if the Market Index goes deeply negative.

I don’t see price action coming back to the bulls until Market Index starts trending upwards.

The daily chart has formed a new Support 2 at $56k. Indicator Y had a test on November 10th, which is a good indication of a significant correction incoming. The previous candle was red -0.86% and then the Indicator Y tested with a -3.08% close.

After several days of zig-zagging downward, BTC price fell approximately -13%.

CTO’s Bitcoin Market Analysis: November 24, 2021 2
Pic 2

Short-Term Bitcoin Price View

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

Bitcoin: 

  • Both the 6 hour and 12-hour predictions show negative values (-1.41 and -1.75) with Normal Market indicators. This means price should continue down.

Ethereum: 

  • Predictions are sideways (-0.57 and 0.03) with a Normal Market indicator. This means price will move sideways.
CTO’s Bitcoin Market Analysis: November 24, 2021 3
Pic 3

Bitcoin Targets

The one-hour chart is showing lower highs but also has tested Indicator Y. I suspect price action to zig-zag around in between Support 1 and Support 2. Keep a close eye on the Market Index. When it can hold an upward trend, we can theorize the correction has ended.

CTO’s Bitcoin Market Analysis: November 24, 2021 4
Pic 4

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