Key Insights:
- On Monday, bitcoin (BTC) slid by 3.15%, ending the day at sub-$16,000 for the second time since 2020.
- News of Genesis going through the danger of chapter despatched the broader crypto market into the crimson.
- The Fear & Greed Index defied gravity, rising from 21/100 to 22/100, suggesting a level of investor resilience.
On Monday, bitcoin (BTC) slid by 3.15%. Following a 2.50% loss from Sunday, BTC ended the day at $15,765. Notably, BTC ended the day at sub-$16,000 for less than the second time since 2020.
A combined begin to the day noticed BTC rise to an early excessive of $16,305. Coming up wanting the First Major Resistance Level (R1) at $16,619, BTC slid to a late low of $15,487. BTC fell by the First Major Support Level (S1) at $16,061 and the Second Major Support Level (S2) at $15,843 to finish the day at sub-$15,500.
FTX contagion danger continued to strain investor urge for food on Monday. On Monday, information of Genesis delivering a chapter warning despatched the broader crypto market into the crimson.
The Genesis information adopted reviews of FTX creditor numbers, which reignited contagion worry over the weekend.
Considering the quantity FTX owes its greatest collectors, extra chapter warnings are possible over the close to time period, which can go away buyers on tenterhooks and a cap on any upside.
While BTC slid by 3.15%, the NASDAQ Composite Index fell by a modest 1.09%, weighed by information of a recent wave of COVID-19 instances in China.
NASDAQ – BTCUSD 221122 5 Minute Chart
The Fear & Greed Index Avoids Sub-20 Despite BTC Return to Sub-16,000
Today, the Fear & Greed Index rose from 21/100 to 22/100. The enhance got here regardless of BTC ending the day at sub-$16,000 for less than the second time since 2020.
While elevated contagion danger weighed on BTC, the Index suggests investor resilience at present ranges. However, draw back dangers stay, with reviews of extra crypto platform chapter warnings prone to check investor sentiment additional.
Avoiding sub-20/100 stays the important thing for the bulls. A fall to sub-20/100 would see BTC face the danger of sub-$10,000.
Bitcoin (BTC) Price Action
At the time of writing, BTC was up 0.51% to $15,845. A bullish begin to the day noticed BTC rise from an early low of $15,736 to a excessive of $15,945.
BTCUSD 221122 Daily Chart
Technical Indicators
BTC wants to maneuver by the $15,852 pivot to focus on the First Major Resistance Level (R1) at $16,218 and the Monday excessive of $16,305. A return to $16,000 would sign a bullish session. However, information updates need to be market-friendly to help a breakout session.
In the occasion of an prolonged rally, BTC would possible check resistance at $16,500 and the Second Major Resistance Level (R2) at $16,670.
The Third Major Resistance Level (R3) sits at $17,488.
Failure to maneuver by the pivot would depart the First Major Support Level (S1) at $15,400 in play. Barring one other prolonged sell-off, BTC ought to keep away from sub-$15,000. The Second Major Support Level (S2) at $15,034 ought to restrict the draw back. However, unfavourable FTX-related information might ship BTC to sub-$15,000.
The Third Major Support Level (S3) sits at $14,216.
BTCUSD 221122 Hourly Chart
Looking on the EMAs and the 4-hourly candlestick chart (beneath), it was a bearish sign. This morning, bitcoin sat beneath the 50-day EMA, at the moment at $16,655. The 50-day EMA fell again from the 200-day EMA, with the 100-day EMA easing again from the 200-day EMA, delivering bearish indicators.
A BTC transfer by R1 ($16,218) would give the bulls a run on the 50-day EMA ($16,655) and R2 ($16,670). However, failure to maneuver by the 50-day EMA would depart S1 ($15,400) in play.
BTCUSD 221122 4 Hourly Chart
