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Saturday, November 26, 2022

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

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Bitcoin slipped below $16,000 on Nov. 21, as markets continued to react to the ideas that the FTX contagion had impacted yet one other company. Hong Kong-based mostly fully mostly crypto ATM company Genesis Block halted its operations, as it appears to be like like to stabilize its liquidity pool. Ethereum became as soon as also lower, as prices remained below $1,200.

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

Following a high of $16,590.42 on Sunday, BTC/USD dropped to an intraday low of $15,943.14 earlier this day.

The pass pushed the world’s supreme cryptocurrency to its lowest point since November 14, when prices fell below a key make stronger point of $16,200.

BTC/USD – Day-to-day Chart
Looking at the chart, BTC continued to interchange below this point of make stronger in this day’s session, with the 14-day relative strength index (RSI) also hovering shut to a flooring of its have.

The index is for the time being monitoring at the 32.79 level, which is marginally below a key make stronger point of 33.00.

Might perchance perchance well perchance still this decline continue, we can seemingly detect bitcoin bears strive to expend the token against a lower flooring of $15,600.

Ethereum
Worship BTC, ethereum (ETH) prolonged most modern declines, stumbling lower for a 2nd straight session on Monday.

ETH/USD fell to a low of $1,110.57 to originate the week, which comes not up to 24 hours after hitting a high of $1,183.43.

Right this moment time’s plunge, which seen the token fall by as mighty as 4%, took ETH to its lowest point since November 10.

ETH/USD – Day-to-day Chart
Bears seem like focusing on a flooring of $1,100, however traders have faith so a long way rejected this proposition, with the token bouncing, and it’s a long way now trading at $1,120.26.

As might well well furthermore be considered on the chart, Monday’s plunge in heed coincided with the RSI breaking out of its have flooring at 37.75, and it’s a long way now at 34.61.

The momentum of the 10-day (red) interesting moderate has any other time shifted, with the trendline suggesting that extra declines might be on the style.

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Will we detect ethereum fall below $1,100 within the coming days? Plug away your thoughts within the feedback below.

Eliman Dambell

Eliman brings an eclectic point of see to market prognosis, he became as soon as previously a brokerage director and retail trading educator. Presently, he acts as a commentator all by assorted asset classes, at the side of Crypto, Stocks and FX.

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