Fun

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

News Feed - 2022-11-12 09:11:45

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


In a week of turbulence, cryptocurrencies maintain this sentiment into the weekend, with both bitcoin and ethereum moving lower. Bitcoin once again slipped below $17,000 on Saturday, as it was reported that a hack on FTX had taken place. Ethereum also moved lower today, as the token remained below $1,300. Bitcoin


Bitcoin (BTC) was back below $17,000 to start the weekend, as markets reacted to the latest news surrounding FTX.


It was reported that FTX had suffered a hack, which saw $600 million withdrawn from the collapsing platform.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 red as a result. BTC/USD – Daily Chart


BTC/USD dropped to an intraday low of $16,543.48 on Saturday, less than 24 hours after residing at a high of $17,480.18.


As can be seen from the chart above, the 14-day relative strength index (RSI) is currently tracking at 34.82, which is below a ceiling of 38.00.


Bulls hoping to move back towards $18,000 will likely need to force a breakout from the aforementioned resistance point. Ethereum


Ethereum (ETH) started the weekend below $1,300, with the token moving below a key support level.


Following a high of $1,301.80 on Friday, ETH/USD slipped to a bottom of $1,211.33 earlier in today’s session.


This drop in price saw the world’s second largest cryptocurrency fall below a floor of $1,225 on Saturday. ETH/USD – Daily Chart


Looking at the chart, the sell-off transpired as a downward crossover between the 10-day (red) and 25-day (blue) moving averages occurred.


As a result of this cross, some believe that ETH could be on its way to $1,000, with the possibility of further drops below this point.


Currently, the RSI is tracking at 40.82, with the next visible floor at the 38.15 point. Should price strength fail to hold at this level, the chances of the aforementioned plummet to $1,000 occurring will increase.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum


Do you expect any further fallout from the FTX saga? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: DOGE Surges Following Elon Musk Comments on the Meme Coin MARKET UPDATES | 9 hours ago Biggest Movers: SOL Gives Up 20% Gains, as FTX Declares Bankruptcy MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFTX Reportedly Hacked as Telegram Group Admin Comments on Possible ‘Malware’ Present in Apps, Irregular Fund Movements Registered Onchain Next articleBiggest Movers: DOGE Surges Following Elon Musk Comments on the Meme Coin Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Tony Hawk"s Latest NFTs to Come With Signed Physical Skateboards UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike

News Feed

Central African Republic Has Adopted Bitcoin as Reference Currency — Office of the Presidency
Central African Republic Has Adopted Bitcoin as Reference Currency — Office of the Presidency Following the confusion that surrounded initial reports, a senior staffer in the Cen
Video Game Retailer Gamestop Partners With L2 Startup Immutable X, Launches $100 Million NFT Fund
Video Game Retailer Gamestop Partners With L2 Startup Immutable X, Launches $100 Million NFT Fund Last May it was discovered that the video game retail giant Gamestop was stepping
This Week’s NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower
This Week’s NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower Non-fungible token (NFT) sales this week dropped 10.88% lower than the week prior. Roughly $1
Gareth Jenkinson10 minutes agoBitcoin block 800,000 mined — What’s next?Tick tock, next block. The Bitcoin network passed block 800,000 with less than a year to go to the next block reward halving.99 Total viewsListe
Industrial metaverse prototype makes managing workers look like a tycoon game
Tristan Greene7 hours agoIndustrial metaverse prototype makes managing workers look like a tycoon gameBosses of the future may be able to view employee physiological status at a glance, thanks to the industrial metaverse
Localcryptos P2P Market Adds Support for Bitcoin Cash
Localcryptos P2P Market Adds Support for Bitcoin Cash Localcryptos, the noncustodial P2P cryptocurrency market, has added bitcoin cash to its platform. This is the fifth cryptocurr
$16B Worth of Dollar-Pegged Cryptos: Stablecoins Add $100M a Day Since Mid-July
$16B Worth of Dollar-Pegged Cryptos: Stablecoins Add $100M a Day Since Mid-JulyStablecoins have been gathering a lot of steam and settling massive value in recent months. Moreover,
German Bank Donner & Reuschel to Offer Crypto Custody Services in Response to a ‘High Market Demand’ in the Country
German Bank Donner & Reuschel to Offer Crypto Custody Services in Response to a "High Market Demand" in the Country Cryptocurrency adoption among the traditional
Bitcoin Hashrate Bounces Back- 2x the Mining Pools, Farm Diversification, 100 Exahash
Bitcoin Hashrate Bounces Back- 2x the Mining Pools, Farm Diversification, 100 ExahashAround 18 days ago, the Bitcoin protocol experienced it’s third block reward halving and t
Despite Crypto Market Rout, Total Value Locked in Cross-Chain Bridges Jumps 9% in 30 Days
Despite Crypto Market Rout, Total Value Locked in Cross-Chain Bridges Jumps 9% in 30 Days 30 days ago on October 28, the total value locked (TVL) in cross-chain bridges to Ethereum
Dydx Processed $1.1 Billion Cryptocurrency Loans in 12 Months — 70% in Just 60 Days
Dydx Processed $1.1 Billion Cryptocurrency Loans in 12 Months — 70% in Just 60 Days Cryptocurrency lender Dydx advanced a total of $1.14 billion in digital asset loans over the pa
Blockchain.com Reveals Non-Fungible Token Marketplace and NFT Explorer
Blockchain.com Reveals Non-Fungible Token Marketplace and NFT Explorer The crypto firm Blockchain.com is joining the slew of digital currency exchanges that have launched non-fungi