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Bitcoin and Ethereum Bears About to Get Rekt, Claims Renowned Analyst

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Renowned analyst Jason Pizzino thinks: Bitcoin When ethereum Bear is trying to get rekt. Traders shared that BTC’s $10,000 target is completely off the mark.

Cryptocurrency trading veteran Jason Pizzino said: his video A major bearish trap is gaining momentum in Bitcoin and cryptocurrencies. This could also signal a rise in Bitcoin prices and altcoins as people will want to exchange their fiat currencies for cryptocurrencies.

If this next swing top of $23,000, and of course my Wyckoff flip goes a little higher to $23,200, and my monthly swing top of $25,200 (which is going to be the big thing the bears have to do) prize). clock)…they are broken. You could probably say that $10,000 is completely off, but forget about it…that’s not very good for a $10,000 Bitcoin bear.

sauce: Jason Pizzino

Bitcoin price analysis

Bitcoin’s price broke out of the bearish trend line from the August highs due to volume support. This breakout is bullish for BTC price.

Yet, Bitcoin’s price continues to battle the 100-day Simple Moving Average (SMA). The price of BTC should claim daily closes above the 100-day SMA. The 0.382 level of the Fibonacci retracement from the August high also coincides with the 100-day SMA, forming a strong resistance zone.

The next major resistance is at the 0.618 level of the Fibonacci retracement around $22,500. This area is also his September high.

according to report According to Morgan Stanley, the area is also the break-even point for many traders who have held bitcoin for the past six months. Therefore, Bitcoin price needs to finish above these levels daily to sustain its current rise.

The major resistance is at the $25,000 level. August monthly swing high. The 200-day SMA is also around here. Needless to say, $25,000 is also a huge psychological resistance.

If Bitcoin price manages to conquer this territory, the bears may rebound as it invalidates the $10,000 target.

sauce: TradingView

ethereum price analysis

Ethereum shows stronger price action than Bitcoin. It closed above and received support from the bearish trendline from the August high.

Unlike Bitcoin, Ethereum’s price managed to overcome the 0.382 Fibonacci retracement level from its August highs. ETH price is currently holding support from the 0.382 level. Not only that, but it exceeded the 100-day SMA.

Currently, the major resistance is around $1,700-1,800. There is a Fibonacci retracement at the 0.618 level in this area and resistance for the September swing highs. The key resistance is the 200-day SMA. Ethereum has not tested the 200-day SMA since April 2022.

The last resistance Ethereum has to face to confirm the uptrend is the $2,000 level. August highs and psychological resistance. A break out of it will dismiss the bears and miss the $400 target for good.

sauce: TradingView

ETH supply on exchanges

When Ethereum’s price rose briefly in August and September, there was a large spike in ETH supply on exchanges, as indicated by the purple line. However, there is no spike in ETH supply in exchange for the current rally, as seen on Santiment’s chart.

This shows that whales are no longer willing to sell ETH despite the short-term rally. If the supply of ETH continues to decline, the price can form highs and lows.

sauce: santimento

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