Bitcoin price analysis: Will BTC break through the resistance level of $28143?

Renowned market investor and legendary figure Paul Tudor Jones expressed his view in a recent interview with CNBC that the escalation of tensions between Israel and Hamas may trigger a risk aversion, which in turn will drive up investments such as gold and Bitcoin. He also pointed out that due to the impact of this situation, there has not been a clear upward trend in the stock market

Renowned market investor and legendary figure Paul Tudor Jones expressed his view in a recent interview with CNBC that the escalation of tensions between Israel and Hamas may trigger a risk aversion, which in turn will drive up investments such as gold and Bitcoin. He also pointed out that due to the impact of this situation, there has not been a clear upward trend in the stock market.

Bitcoin Price Analysis!

On October 11th, Bitcoin (BTC) broke the 20-day moving average of the index, while bears have yet to lower their prices below the 50-day simple moving average. The bulls have successfully held onto the 50 day moving average, but they need to work hard to rebuild market confidence. This indicates that market demand is still insufficient. Short sellers are expected to try to lower prices below the 50 day moving average later, setting a recent low.

If Bitcoin falls below the above level, the BTC/USDT currency pair may retest the strong support level of $26000. This level may trigger a positive reaction from bullish buying. The first sign will be that prices have risen above the 20 day moving average. Further increases will face a strong composite resistance level of $28143 for the currency pair. This price level is worth paying close attention to as closing above this level may mark the beginning of a short-term upward trend.

Ethereum Detailed Price Forecast

On October 12th, the price of Ethereum fell to an important support level of $1531, but the bulls successfully defended this price level, which may indicate signs of a positive deviation from RSI, which may weaken the downward momentum. Bulls may try to push prices back above the moving average, while bears may rebuild their defenses.

However, Ethereum prices have significantly fallen below the 20-day moving average, indicating that bears may have the upper hand. Subsequently, the ETH/USDT currency pair may fall below $1531 to $1368. If bulls want to contain the decline, they may need to push prices back above the moving average. Subsequently, the currency pair may rise to $1746, but bulls may face strong selling pressure from bears.

Thank you for watching. Friends who like it can click like to follow. See you next time!

Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])

Previous 2024-12-22
Next 2024-12-22

Guess you like