CTO’s Bitcoin Market Analysis: October 27, 2021
Evolving: The CML Team can’t sit still! We constantly strive to improve your platform.
Starting today, my blog is evolving into a more laser-focused viewpoint of the current and near-term markets. To do so, I’ll combine machine learning data from Crypto-ML’s Fear and Greed Index, Price Predictions, and Manipulation Detectors with my charts, channels, and support and resistance lines.
These analyses will come out once per week, every Wednesday.
Long-Term Bitcoin Price View
The Crypto-ML Fear and Greed Index is currently at 42.5. It has been declining the last few days, Bitcoin price is following suit. We are also not seeing extreme readings above 80 yet. (Pic 1)
In our last video, Justin spoke about why the Fear and Greed Index is not yet indicating a peak. We still likely have more upside ahead.
Looking at the traditional daily charts, BTC appears to be hitting multiple points of support and will likely move back up soon (assuming no major news or world events). (Pic 2)
Put together, conditions appear favorable for another leg up and the potential of hitting another all-time high before any major correction occurs. Until that move up, there may be some short-term turbulence as the market resets.
Short-Term Bitcoin Price View
Crypto-ML’s Price Predictions are indicating the following:
- Bitcoin: choppiness but slowly increasing price as BTC follows the Channel Bottom.
- Ethereum: Sideways (little drawdown) over the next 6/12 hours
Predictions are in agreement with price action following the channel bottom trajectory.
The Manipulation Detectors are indicating that we’re in a normal market for both Bitcoin and Ethereum. This means the predictions are tracking accurately and we are not seeing unusual movement. While this continues to be true, you can follow the price predictions.
Weekly Bitcoin Targets
The one-hour chart shows BTC price bouncing off of channel bottom multiple times. This lines up with the Price Predictions of 1.19% and 1.56% over the next six and twelve hours. (Pic 3)
Adding all these components together (Fear and Greed Index + Price Predictions + Manipulation Detector +daily and one-hour charts), I believe that BTC will chop around for 2-3 more days before testing and possibly surpassing $61,000 (yellow line). (Pic 4)