Bitcoin, Ethereum Technical Analysis: BTC Below $16,000 Amid Increased Market Volatility

Bitcoin slipped under $16,000 on Nov. 21, as markets continued to react to the information that the FTX contagion had impacted yet one more agency. Hong Kong-based crypto ATM agency Genesis Block halted its operations, because it seems to be to stabilize its liquidity pool. Ethereum was additionally decrease, as costs remained under $1,200.

Bitcoin

Bitcoin (BTC) slipped under $16,000 to begin the week, as volatility in cryptocurrency markets continued to rise.

Following a excessive of $16,590.42 on Sunday, BTC/USD dropped to an intraday low of $15,943.14 earlier right now.

The transfer pushed the world’s largest cryptocurrency to its lowest level since November 14, when costs fell under a key assist level of $16,200.

Looking on the chart, BTC continued to commerce under this level of assist in right now’s session, with the 14-day relative power index (RSI) additionally hovering close to a ground of its personal.

The index is presently monitoring on the 32.79 stage, which is marginally under a key assist level of 33.00.

Should this decline proceed, we are going to probably see bitcoin bears try and take the token in direction of a decrease ground of $15,600.

Ethereum

Like BTC, ethereum (ETH) prolonged latest declines, stumbling decrease for a second straight session on Monday.

ETH/USD fell to a low of $1,110.57 to begin the week, which comes lower than 24 hours after hitting a excessive of $1,183.43.

Today’s drop, which noticed the token fall by as a lot as 4%, took ETH to its lowest level since November 10.

Bears appear to be concentrating on a ground of $1,100, nonetheless merchants have to date rejected this proposition, with the token bouncing, and it’s now buying and selling at $1,120.26.

As may be seen on the chart, Monday’s drop in value coincided with the RSI breaking out of its personal ground at 37.75, and it’s now at 34.61.

The momentum of the 10-day (purple) transferring common has as soon as once more shifted, with the trendline suggesting that additional declines might be on the way in which.

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Will we see ethereum fall under $1,100 within the coming days? Leave your ideas within the feedback under.