My analysis can be found in YouTube format here: https://www.youtube.com/watch?v=NO7uKDIVGAQ

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Bitcoin ($BTC) and Commodities ($GOLD and $SLV) have a similar pattern surrounding the Israel-Hamas War. Bitcoin, Gold, and Silver each had bounces of key support levels shortly before the war. The war started on October 7, and we can observe a similar trend where BTC, GOLD, and SLV had strong rallies that started shortly after the war. GOLD and BTC managed to break through strong resistance levels. The sharp rise in commodities hints that BTC’s recent rally could be impacted by the Israel-Hamas War instead of just the ETF hype.

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BTC Analysis

Bitcoin has historically been bullish in the month of October with green monthly candles for 8 out of the 10 last years in the month of October (80% probability). October of 2023 has also been extremely bullish with a lot of hype surrounding the Bitcoin ETF. However, commodities such as GOLD and Silver (SLV) also had significant spikes over this same time period. I think that Bitcoin is also benefitting from the Israel-Hamas War, and that this conflict is contributing to Bitcoin’s rise in value. Bitcoin shares a lot of similarities with GOLD and SLV due to their store of value. Fiat currencies around the globe are also at risk due to high U.S. debt, irresponsible spending from the U.S. government, and the higher interest rate environment. 

Bitcoin’s Price Action: 
Bitcoin has been pretty bearish since the highs in mid July, and has started a strong upward rally shortly after the Israel-Hamas conflict. This date is marked by an orange circle, and a similar rally can be found on GOLD and Silver. It seems that the war is helping to drive up the price of Bitcoin and commodities. 

Key Price Levels: 
The two yellow trendlines at $30.7k and $34.8k are key resistance levels. BTC easily broke through $30.7k, but has been suppressed by the $34.8k resistance line.  

If BTC does break above the $34.8k resistance line, my key price target is the light blue trend line. This price target increases over time so this prolonged sideways price action will lead to a higher price target if BTC does continue this bullish momentum. If BTC pulls back, I would look for a bounce around $30.7k on the way down.

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GOLD Analysis

Commodities and Bitcoin experienced significant increases in value around October 7, which is the date that the Israel-Hamas War started. Commodities and Bitcoin experienced significant increases in value around October 7, which is the date that the Israel-Hamas War started. GOLD had a bullish bounce off the light blue trend line at $1,808 on Friday October 6 (marked by the orange circle). The Israel-Hamas conflict started on Saturday, and on Monday GOLD opened with very bullish price action that started the rally.  

Key Price Levels: 
GOLD has breached a key $1,989 yellow resistance level on this move up, and $2,073 is the next key resistance target if GOLD continues to trend upwards. The $1,989 resistance level has been suppressing GOLD’s price since May 2023, and GOLD managed to finally breach this level in just a few weeks.

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SLV Analysis

Commodities and Bitcoin experienced significant increases in value around October 7, which is the date that the Israel-Hamas War started. Commodities and Bitcoin experienced significant increases in value around October 7, which is the date that the Israel-Hamas War started. SLV had a bullish bounce off the yellow trend line on Friday October 6 (marked by the orange circle). The Israel-Hamas conflict started on Saturday, and on Monday SLV started its uptrend. 

Key Price Levels: 
The light blue trend line is acting as short-term resistance that is suppressing SLV’s price, but the longer term target is the red trend line if SLV can continue to climb higher. The yellow trend line is a key support level to monitor for a bounce if SLV drops back down.

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Bitcoin TradingView Chart:
https://www.tradingview.com/chart/BTCUSD/yxPClCyj-Are-Bitcoin-and-Commodities-Rising-from-the-Israel-Hamas-War/

GOLD TradingView Chart:
https://www.tradingview.com/chart/GOLD/wPTmY80a-Bitcoin-GOLD-and-SLV-Rose-Sharply-from-Israel-Hamas-War/

SLV TradingView Chart:
https://www.tradingview.com/chart/SLV/o04xEy6n-Bitcoin-GOLD-and-SLV-Rose-Sharply-From-Israel-Hamas-War/

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