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CTO’s Technical Analysis of Bitcoin: Oct 11, 2021

Last week I took some time off from doing these posts to concentrate on new strategies the Crypto-ML Team is currently testing. What I can tell you is we have some exciting developments headed your way soon that will be geared ideally suited for longer-term crypto investors.

72-Hour Bitcoin Price Expectations

I suspect there will be a pullback to the $56k range while indicators cycle and reset.

Bitcoin Daily Chart Analysis

NOTE: Black lines, channels, support lines are defunct, but I am keeping them on the charts for reference.

It’s interesting that the “Where BTC is headed resistance line” is now coming into play. That resistance line was created weeks ago and seems to be holding up quite well.

  • New Channel forming and the top of Channel is currently being tested.
  • Indicator Y is very bullish. (Pic 2)
  • GC/DC (13/50) is in a solid Golden Cross currently.
  • Indicator X is bearish, topped out for the pass 4 days. Another indication of a pull back forming. (Pic 1)

Most technical indicators are topping out. Coupled with the Channel top testing as resistance, it sure seems like a pullback is starting to form, with $55,447 as a possible destination.

CTO’s Technical Analysis of Bitcoin: Oct 11, 2021 1
Pic 1
CTO’s Technical Analysis of Bitcoin: Oct 11, 2021 2
Pic 2

Bitcoin 12-Hour Chart Analysis

The 12-hour is very similar to the daily chart.

This timeframe provides a closer view of the Channel forming and riding along the bottom until the breakout, which helped form the new Channel top.

  • GC/DC (13/50) in a strong Golden Cross.
  • Indicator Y is very bullish. (Pic 2)
  • Technical indicators are topping out.
  • Indicator X has topped out but is currently bullish, I expect this to turn bearish once the pullback kicks off. Indicator X has been topped out for approximately 10 days. (Pic 1)
CTO’s Technical Analysis of Bitcoin: Oct 11, 2021 3
Pic 1
CTO’s Technical Analysis of Bitcoin: Oct 11, 2021 4
Pic 2

Bitcoin 1-Hour Chart Analysis

At this resolution, there are a lot of wicks as price action has started sideways. Indecision in play. Price action is in the upper 75% of the current Daily Channel. Setting up for a pullback?!

  • Technical indicators are topping and should start cycling in the next few hours (bearish/sideways).
  • Indicator Y is bullish.
  • Keep an eye on your 1-hour indicators to see which way price action leads.
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