Bitcoin and Ethereum are about to get Rekt, claims well-known analyst
Jason Pizzino, a renowned analyst, believes that Bitcoin and Ethereum bears are about to be straightened. The trader shared how the $10,000 target for BTC is completely off.
Crypto trading veteran Jason Pizzino shared in his video that a major bearish trap is building momentum for Bitcoin and crypto. The US dollar has slowly entered a downtrend against the major world currencies. This could also show a pump in Bitcoin price and altcoins because people will exchange their fiats for crypto.
If we get a little higher to this next swing top at $23,000, and of course my Wyckoff flip at $23,200, and then the monthly swing top at $25,200 (so that’s going to be the big one that the bears have to watch)… they are broken, $10,000 you can probably say is all off, forget it… This is not looking so good for these $10,000 Bitcoin bears.
Source: Jason Pizzino
Bitcoin price analysis
Supported by volume, Bitcoin price has broken out of the bearish trend line from its August highs. This breakout is bullish for BTC price.
Nevertheless, the Bitcoin price continues to struggle with the 100-day Simple Moving Average (SMA). BTC price must claim a daily close above the 100-day SMA. The 0.382 level of the Fibonacci Retracement from the August highs also coincides with the 100-day SMA making it a strong resistance zone.
The next major resistance is at the 0.618 level of the Fibonacci Retracement at around $22,500. This area is also the swing high of September.
According to a report from Morgan Stanley, the area is also the breakeven point for many traders who have held Bitcoin for the past 6 months. Therefore, the Bitcoin price needs to make a daily close above these levels to sustain the current rally.
Key resistance falls at the $25,000 level. It is the monthly swing high in August. The 200-day SMA also falls around this area. Not to mention, $25,000 is also a significant psychological resistance.
If the Bitcoin price manages to capture this area, bears will likely be vindicated as the $10,000 target will be invalidated.
Ethereum Price Analysis
Ethereum shows stronger price action than Bitcoin. It closed above taking support from the bearish trend line from August highs.
Unlike Bitcoin, Ethereum price has managed to capture the 0.382 Fibonacci retracement level from the August highs. The ETH price is holding support from the 0.382 level now. Not only that, it has closed above the 100-day SMA.
Now the main resistance is around the $1700-$1800 level. The area has a level of 0.618 Fibonacci retracement and the resistance of the September swinging highs. The key resistance is the 200-day SMA. Ethereum has not tested the 200-day SMA since April 2022.
The last resistance that Ethereum needs to face to confirm the uptrend is the $2000 level. It is August high and psychological resistance. A close above that will straighten the bears and the $400 target will be completely off.
ETH supply on exchanges
When the Ethereum price briefly rose in August and September, there was a huge increase in ETH supply on exchanges, indicated by the purple line. However, as shown in the Santiment chart, there is no peak in ETH supply on exchange with the current rally.
This indicates that the whales are no longer willing to sell their ETH despite a short-lived rally. If the ETH supply remains low, the price can form higher highs and higher lows.
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