ETHUSD and LTCUSD Technical Analysis – 06th OCT, 2022

FXOpen

ETHUSD: Hammer Pattern Above $1263

Ethereum was unable to sustain its bullish momentum and after touching a high of 1372 on 30th Sep the prices started to decline against the US dollar. The prices of Ethereum touched a low of 1269 on 03rd Oct after which we can see a bounce upwards.

We can see the formation of an ascending channel pattern above the 1289 level and are looking at immediate targets of 1410 and 1469.

We can clearly see a hammer pattern above the $1263 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 1366 and is moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1370 and Fibonacci resistance level of 1372 after which the path towards 1400 will get cleared.

The relative strength index is at 51 indicating a NEUTRAL demand for Ether and the shift towards the consolidation phase in the markets.

We can see that the adaptive moving average AMA50 is giving a bullish price crossover pattern in the 15-minute time frame.

The commodity channel index, CCI, and the average directional index, ADX, are indicating a NEUTRAL market, which means that the prices are expected to remain in a consolidation phase 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 $1400 to $1500 in the short-term range.

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

  • Ether: bullish reversal seen above the $1263 mark
  • Short-term range appears to be mildly BULLISH
  • ETH continues to remain above the $1300 level
  • The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1263

ETHUSD is now moving into a mildly bullish channel with the price trading above the $1300 handle in the European trading session today.

ETH touched an intraday low of 1345 in the Asian trading session and an intraday high of 1383 in the European trading session today.

We can see the formation of both the bullish harami and bullish harami cross pattern in the 15-minute time frame.

The three white soldiers pattern is visible in the 15-minute time frame indicating a bullish scenario.

We have seen a bullish opening of the markets which is indicative of the ongoing bullish trend.

The daily RSI is printing at 45 indicating a neutral demand in the long-term range.

The key support levels to watch are $1227 and $1276, and the price of ETHUSD needs to remain above these levels for the continuation of the bullish reversal in the markets.

ETH has increased by 1.11% with a price change of 14.93$ in the past 24hrs and has a trading volume of 11.464 billion USD.

We can see an increase of 25.95% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

The price of Ethereum continues to find support at lower levels and we can see an upside correction towards the $1400 level.

Ethereum’s price has now entered the bullish zone against the US dollar and we are now moving towards the $1500 level.

We can see the formation of a bullish trend line in place from $1263 towards $1409 levels.

The immediate short-term outlook for Ether has turned mildly BULLISH, the medium-term outlook has turned BULLISH, and the long-term outlook for Ether is NEUTRAL in present market conditions.

The price of ETHUSD will need to remain above the important support level of $1223 this week.

The weekly outlook is projected at $1475 with a consolidation zone of $1450.

Technical Indicators:

The Williams percent range: is at -28.54 indicating a BUY

The rate of price change: is at 4.33 indicating a BUY

Bull/Bear power (13): is at 33.63 indicating a BUY

The STOCHRSI (14): is at 57.13 indicating a BUY

LTCUSD: Bullish Harami Pattern Above $51.49

Litecoin was unable to sustain its bullish momentum last week and after touching a high of $55.08 on 30th Sep started to decline against the US dollar touching a low of $51.69 on 03rd Oct.

The price of Litecoin is back over the pivot point in the weekly time frame indicating a bullish trend.

We can clearly see a bullish harami pattern above the $51.49 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 below its 100 hourly simple moving average and below its 200 hourly exponential moving average. The price of LTCUSD is just above its pivot level of 54.42

The relative strength index is at 48 indicating a NEUTRAL demand and the continuation of the consolidation channel.

Litecoin touched an intraday low of $54.10 in the Asian trading session and an intraday high of $55.02 in the European trading session today.

The price of Litecoin continues to remain above some of the moving averages, which are now giving a BUY signal at current market levels of 54.45.

Both the relative strength index and highs/lows (14) are indicating neutral levels, which means that the price is expected to remain in a consolidation phase in the short-term range.

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

  • Most of the technical indicators are giving a BUY signal
  • Litecoin: bullish reversal seen above the $51.49 level
  • Litecoin gains bullish bias against the US dollar
  • The average true range is indicating LESS market volatility

Litecoin: Bullish Reversal Seen Above $51.49

We can see that the price of Litecoin continues to remain in a consolidation zone and is trading above the $54 handle in the European trading session today.

We can see the formation of bullish engulfing lines in the weekly time frame.

We can also detect a bullish harami cross pattern in the 1-hour time frame.

The ichimoku bullish crossover is seen in the 1-hour time frame which indicates that now we are heading towards the $60 level.

The price of LTCUSD is now facing its classic resistance level of 55.48 and Fibonacci resistance level of 56.34 after which the path towards $60 will get cleared.

The daily RSI is printing at 48 which is indicating a neutral demand for Litecoin and the continuation of the consolidation in the short-term range.

LTC has increased by 0.28% with a price change of 0.1525 $ in the past 24hrs and has a trading volume of 0.343 billion USD.

Litecoin’s trading volume has increased by 5.27% compared to yesterday which appears to be normal.

The Week Ahead

The price of Litecoin remains supported at lower levels and now we are looking at $55 and $60 as immediate targets.

We can see a bullish trend line formation from the $5149 level towards the $55.83 level.

The momentum indicator is back over zero indicating that we are moving in an uptrend.

The short-term outlook for Litecoin has turned mildly BULLISH, the medium-term outlook is BULLISH, and the long-term outlook is NEUTRAL at present market conditions.

The weekly outlook is projected at $62 with a consolidation zone of $60.

Technical Indicators:

The STOCHRSI (14): is at 74.86 indicating a BUY

The Williams percent range: is at -30.63 indicating a BUY

The ultimate oscillator: is at 51.40 indicating a BUY

The commodity channel index (14): is at 116.22 indicating a BUY



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