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

Bitcoin slipped beneath $16,000 connected Nov. 21, arsenic markets continued to respond to the quality that the FTX contagion had impacted yet different firm. Hong Kong-based crypto ATM steadfast Genesis Block halted its operations, arsenic it looks to stabilize its liquidity pool. Ethereum was besides lower, arsenic prices remained beneath $1,200.

Bitcoin

Bitcoin (BTC) slipped beneath $16,000 to commencement the week, arsenic volatility successful cryptocurrency markets continued to rise.

Following a precocious of $16,590.42 connected Sunday, BTC/USD dropped to an intraday debased of $15,943.14 earlier today.

The determination pushed the world’s largest cryptocurrency to its lowest constituent since November 14, erstwhile prices fell beneath a cardinal enactment constituent of $16,200.

BTC/USD – Daily Chart

Looking astatine the chart, BTC continued to commercialized beneath this constituent of enactment successful today’s session, with the 14-day comparative spot scale (RSI) besides hovering adjacent a level of its own.

The scale is presently tracking astatine the 32.79 level, which is marginally beneath a cardinal enactment constituent of 33.00.

Should this diminution continue, we volition apt spot bitcoin bears effort to instrumentality the token towards a little level of $15,600.

Ethereum

Like BTC, ethereum (ETH) extended caller declines, stumbling little for a 2nd consecutive league connected Monday.

ETH/USD fell to a debased of $1,110.57 to commencement the week, which comes little than 24 hours aft hitting a precocious of $1,183.43.

Today’s drop, which saw the token autumn by arsenic overmuch arsenic 4%, took ETH to its lowest constituent since November 10.

ETH/USD – Daily Chart

Bears look to beryllium targeting a level of $1,100, nevertheless traders person truthful acold rejected this proposition, with the token bouncing, and it is present trading astatine $1,120.26.

As tin beryllium seen connected the chart, Monday’s driblet successful terms coincided with the RSI breaking retired of its ain level astatine 37.75, and it is present astatine 34.61.

The momentum of the 10-day (red) moving mean has erstwhile again shifted, with the trendline suggesting that further declines could beryllium connected the way.

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Will we spot ethereum autumn beneath $1,100 successful the coming days? Leave your thoughts successful the comments below.

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