Bitcoin and Ethereum Bears About to Get Rekt, Claims Renowned Analyst
Jason Pizzino, a renowned analyst, believes that Bitcoin and Ethereum bears are about to get rekt. The trader shared how the $10,000 target for BTC is completely off.
The crypto trading veteran Jason Pizzino shared in his video that a major bearish trap is gaining pace for Bitcoin and crypto. The U.S. Dollar has slowly entered into a downtrend against the major world currencies. This may also show a pump in Bitcoin price and altcoins because people will want to exchange their fiats for crypto.
If we get a little bit 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 is going to be the big one that the bears are going to have to watch)… those are broken, $10,000 you could probably say is completely off, forget about it… This is not looking too good for those $10,000 Bitcoin bears.
Source: Jason Pizzino
Bitcoin Price Analysis
With the support of volume, Bitcoin price has broken out of the bearish trendline from its August highs. This breakout is bullish for BTC price.
Still, Bitcoin price continues to struggle with the 100-day Simple Moving Average (SMA). BTC price needs to claim a daily closing 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 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 of many traders who have been holding Bitcoin for the past 6 months. Hence Bitcoin price needs to make a daily closing above these levels to sustain the present rally.
The key resistance falls at the $25,000 level. It is the monthly swing high of August. The 200-day SMA also falls around this area. Not to mention, $25,000 is a significant psychological resistance as well.
If Bitcoin price manages to conquer this area, bears will likely get rekt as the $10,000 target will be invalidated.
Ethereum Price Analysis
Ethereum is showing stronger price action than Bitcoin. It closed above and took the support of the bearish trendline from August highs.
Unlike Bitcoin, Ethereum price has managed to conquer the 0.382 Fibonacci retracement level from the August highs. ETH price is holding support from the 0.382 level now. Not just that, it has closed above the 100-day SMA.
Now, the major resistance is around the $1,700-$1,800 level. The area has a 0.618 level of Fibonacci retracement and the resistance of September swing highs. The key resistance is the 200-day SMA. Ethereum has not tested the 200-day SMA since April 2022.
The final resistance that Ethereum has to face to confirm the uptrend is the $2,000 level. It is the August high and psychological resistance. A close above it will rekt the bears, and the $400 targe will be completely off.
ETH Supply on Exchanges
When Ethereum price rallied for a short span in August and September, there was a huge spike in ETH supply on exchanges, indicated by the purple line. However, as seen in the chart from Santiment, there is no spike in the ETH supply on exchange with the current rally.
This indicates that the whales are no longer willing to sell their ETH despite a short-term rally. If the ETH supply remains down, the price may form higher highs and higher lows.
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