ETHUSD and LTCUSD Technical Analysis – 03rd NOV, 2022

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ETHUSD: Bullish Engulfing Pattern Above $1483

Ethereum was unable to sustain its bearish momentum and after touching a low of 1488 on 28th Oct, the prices started to correct upwards against the US dollar. The prices of Ethereum touched a high of 1642 on 29th Oct after which we can see a shift towards the consolidation phase in the markets.

We can see that the MACD indicator is giving a bullish divergence signal in the 4-hour time frame

We can clearly see a bullish engulfing pattern above the $1483 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

ETH is now trading just above its pivot level of 1544 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance levels of 1548 and Fibonacci resistance level of 1552 after which the path towards 1600 will get cleared.

The relative strength index is at 48 indicating a neutral market and the shift towards a correction and consolidation phase in the markets.

We can see that the commodity channel index is giving a neutral signal which indicates a range bound movement for some time in the markets.

The STOCHRSI is indicating an overbought market, which means that the prices are expected to decline in the short-term range.

Some of the technical indicators are giving a BUY market signal.

Some of the moving averages are giving a BUY signal and we are now looking at the levels of $1650 to $1700 in the short-term range.

ETH is now trading below both its 100 & 200 hourly simple and exponential moving averages.

  • Ether: bullish reversal seen above the $1483 mark
  • The short-term range appears to be mildly bullish
  • ETH continues to remain above the $1500 levels
  • The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1254

ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1500 handle in the European trading session today.

ETH touched an intraday low of 1502 in the Asian trading session and an intraday low of 1558 in the European trading session today.

The RSI indicator is back over 50 indicating a bullish scenario.

We can see a bullish price crossover pattern with moving averages MA20 and MA100.

We can also see the formation of a bullish harami pattern in both the 2-hour and 4-hour time frames.

The MA20 is also indicating a bullish trend reversal signal in the weekly timeframe.

The daily RSI is printing at 60 indicating a strong demand for Ether in the long-term range.

The key support level to watch is $1427 which is a 50% retracement from a 4-week high/low and 1482 which is a 38.2% retracement from 4 week high/low.

ETH has decreased by 0.70% with a price change of 11.14$ in the past 24hrs and has a trading volume of 22.835 billion USD.

We can see an increase of 53.42% in the total trading volume in the last 24 hrs which is due to the continued buying seen at lower levels.

The Week Ahead

ETH price continues to remain in a bullish zone against the US dollar and bitcoin. ETHUSD is expected to move higher towards the $1600 and $1700 levels this week.

We can see the formation of a major bullish trendline in place from $1483 towards $1640 level.

The immediate short-term outlook for Ether has turned mildly bullish, the medium-term outlook has turned neutral, and the long-term outlook for Ether is neutral at present market conditions.

The prices of ETHUSD will need to remain above the important support level of $1513 which is a 38.2% retracement from 13-week low.

Weekly outlook is projected at $1750 with a consolidation zone of $1650.

Technical Indicators:

The STOCH (9,6): is at 77.85 indicating a BUY.

The rate of price change: is at 0.983 indicating a BUY.

The bull/bear power (13): is at 4.55 indicating a BUY.

High/lows(14): is at 9.01 indicating a BUY.

LTCUSD: Morning Star Pattern Above $53.50

Litecoin was unable to sustain its bearish momentum last week, and after touching a low of 53.49 on 28th Oct, the prices started to move upwards against the US dollar touching a high of $64.07 today in the European trading session.

We have seen a bullish opening in the markets indicating the present bullish trend.

The price of Litecoin is now on its way to cross its 3 -month high of $65.40 reached on 14th Aug, after which we may see the $70 level.

We can clearly see a morning star pattern above the $53.50 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase in the markets.

Litecoin is now trading above its 100 hourly simple moving averages and below its 200 hourly exponential moving averages. The price of LTCUSD is just above its pivot levels of 61.62

The relative strength index is at 55.81 indicating a STRONG demand for Litecoin and the continuation of the buying pressure into the markets.

We can see a bullish harami pattern in the 30-minute time frame which indicates the present bullish trend in the markets.

Litecoin touched an intraday low of $58.98 in the Asian trading session and an intraday high of $64.67 in the European trading session today.

The price of Litecoin continues to remain above most of the moving averages, which are now giving a STRONG BUY signal at current market levels of 61.89.

The STOCH and Williams percent range is indicating neutral levels, which means that the prices are expected to move towards the consolidation phase in the short-term range.

The short-term outlook for Litecoin has turned mildly bullish.

  • Some of the technical indicators are giving a buy signal.
  • Litecoin: bullish reversal seen above the $53.50 levels.
  • The commodity channel index is indicating a neutral level.
  • The average true range is indicating LESS market volatility.

Litecoin: Bullish Reversal Seen Above $53.50

We have seen a rally mode in the markets when the prices climbed above the $64 handle, after which we can see some correction in the prices.

We can see a bullish trend reversal pattern with the moving averages MA50 and MA100 in the daily time frame.

The resistance of the channel is broken in the daily timeframe which is a bullish signal.

The RSI indicator is also giving a bullish divergence signal in the 30-minute time frame.

The parabolic SAR indicator is giving a bullish reversal signal in the weekly time frame.

The price of LTCUSD is now facing its classic resistance level of 61.90 and Fibonacci resistance level of 62.42 after which the path towards $65 will get cleared.

The daily RSI is printing at 70.33 which is indicating a very strong demand for Litecoin and the continuation of the buying phase in the short-term range.

LTCUSD has increased by 562% with a price change of 3.28$ in the past 24hrs and has a trading volume of 1.780 billion USD.

Litecoin’s trading volume has increased by 115.11% as compared to yesterday which is due to the heavy buying pressure seen in the markets.

The Week Ahead

The price of Litecoin has already crossed the $60 handle, and now the immediate targets are $65 and $70 levels.

We can see the formation of a bullish trendline in place from the $53.50 level towards the $70.08 level.

The price of Litecoin needs to remain above the important support level of $56.54 which is a 50% retracement from a 4-week high/low.

The short-term outlook for Litecoin has turned as strongly bullish, the medium-term outlook is bullish, and the long-term outlook is neutral at present market conditions.

The weekly outlook is projected at $70 with a consolidation zone of $65.

Technical Indicators:

The MACD (12,26): is at 1.14 indicating a BUY.

The average directional index (14): is at 29.16 indicating a BUY.

The bull/bear power (13): is at 0.018 indicating a BUY.

The rate of price change: is at.5.13 indicating a BUY.



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