Bitcoin Price Analysis: Will BTC Break Above $28,143 Resistance?

Renowned investor Paul Tudor Jones, the investment legend of the markets, recently stated in an interview with CNBC that the escalation of the Israel-Hamas dispute could create a sense of risk aversion and cause a rise in gold and Bitcoin. He also mentioned that the stock market is not experiencing an upward trend due to this situation.

Bitcoin Price Analysis!

Bitcoin surpassed the 20-day exponential moving average on October 11th. The bears were unable to pull the price below the 50-day simple moving average. Bulls successfully defended the 50-day SMA on October 11th and 12th, but they are struggling to initiate a recovery. This situation may indicate a lack of demand at higher levels. Bears may later attempt to push the price below the 50-day SMA and reach the peak.

If the mentioned level is broken, the BTC/USDT pair may retest the strong support at $26,000. This level is likely to trigger aggressive buying from bulls. A rise above the 20-day EMA will be the first indication of strength. The pair may then climb to a strong overall resistance level of $28,143. This is an important level to watch out for, as a close above this level could signal the start of a short-term upward movement.

Ethereum Detailed Price Prediction

On October 12th, Ethereum price dropped to a critical support level of $1,531, but a small positive aspect is that bulls successfully defended this level, which may indicate signs of positive divergence in the RSI. In this case, it could suggest a weakening of the downward momentum. Bulls may try to push the price towards the moving averages, where bears could once again create a strong defense.

A sharp decline of ETH price from the 20-day EMA could indicate that bears are in control. The ETH/USDT pair may then drop below $1,531 and start a downward momentum towards $1,368. If bulls want to prevent the decline, they may have to push the price above the moving averages. The pair may then climb to $1,746, where bulls may face strong selling pressure from bears.

Source