What did the two bracelets on Michael Jackson's wrist represent?

That could have several different meanings. The red one on his left wrist signified either Kabbalah, a religion, or something else of meaning. The followers of Kabbalah are usually known by that though. The silver one, if that's what you're talking about, is a medic alert bracelet. In the recent news a couple weeks ago, they released a picture of him with his kids and he was in a blue shirt, sitting on the floor with his first 2 children. It is clearly visible on his left arm, as it is on Paris's head.