Bitcoin, Ethereum Technical Analysis: BTC Heads Lower on Saturday, as FTX Saga Continues

In a week of turbulence, cryptocurrencies support this sentiment into the weekend, with some bitcoin and ethereum moving lower. Bitcoin erstwhile again slipped beneath $17,000 connected Saturday, arsenic it was reported that a hack connected FTX had taken place. Ethereum besides moved little today, arsenic the token remained beneath $1,300.

Bitcoin

Bitcoin (BTC) was backmost beneath $17,000 to commencement the weekend, arsenic markets reacted to the latest quality surrounding FTX.

It was reported that FTX had suffered a hack, which saw $600 cardinal withdrawn from the collapsing platform.

In a week which has been dominated with FTX related news, crypto somewhat responded to the headlines, with BTC falling into the reddish arsenic a result.

BTC/USD – Daily Chart

BTC/USD dropped to an intraday debased of $16,543.48 connected Saturday, little than 24 hours aft residing astatine a precocious of $17,480.18.

As tin beryllium seen from the illustration above, the 14-day comparative spot scale (RSI) is presently tracking astatine 34.82, which is beneath a ceiling of 38.00.

Bulls hoping to determination backmost towards $18,000 volition apt request to unit a breakout from the aforementioned absorption point.

Ethereum

Ethereum (ETH) started the play beneath $1,300, with the token moving beneath a cardinal enactment level.

Following a precocious of $1,301.80 connected Friday, ETH/USD slipped to a bottommost of $1,211.33 earlier successful today’s session.

This driblet successful terms saw the world’s 2nd largest cryptocurrency autumn beneath a level of $1,225 connected Saturday.

ETH/USD – Daily Chart

Looking astatine the chart, the sell-off transpired arsenic a downward crossover betwixt the 10-day (red) and 25-day (blue) moving averages occurred.

As a effect of this cross, immoderate judge that ETH could beryllium connected its mode to $1,000, with the anticipation of further drops beneath this point.

Currently, the RSI is tracking astatine 40.82, with the adjacent disposable level astatine the 38.15 point. Should terms spot neglect to clasp astatine this level, the chances of the aforementioned plummet to $1,000 occurring volition increase.

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Do you expect immoderate further fallout from the FTX saga? Leave your thoughts successful the comments below.

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