ETHUSD and LTCUSD Technical Analysis – 07th JULY, 2022

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ETHUSD: Bullish Doji Star Pattern Above $1040

Ethereum has started its bullish momentum against the US dollar after moving into a consolidation channel last week and is now trading above the $1100 handle in the US trading session.

We can see a continued appreciation in the prices of Ethereum, mainly due to the buying seen at lower levels by the medium-term investors.

We can see the formation of a super trend in the 15-minute time frame above the $1100 handle, and now are looking at $1200 and $1250 as the immediate targets.

The prices touched an intraday low of $1155 in the Asian trading session and an intraday high of $1201 in the European trading session today.

We can clearly see a bullish doji star pattern above the $1040 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 above its pivot level of 1182 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1190 and Fibonacci resistance level of 1197 after which the path towards 1200 will get cleared.

The relative strength index is at 61 indicating a STRONG market and the continuation of the uptrend in the markets.

The STOCHRSI is indicating a NEUTRAL level, which means that the prices are expected to enter into a consolidation phase in the short-term range.

All of the technical indicators are giving a STRONG BUY market signal.

All of the moving averages are giving a STRONG BUY signal, and we are now looking at the levels of $1200 to $1250 in the short-term range.

ETH is now trading above its 100 hourly simple and exponential MAs.

  • Ether: bullish continuation seen above the $1040 mark
  • The short-term range appears to be mildly BULLISH
  • ETH continues to remain above the $1100 level
  • The average true range is indicating LESS market volatility

Ether: Bullish Continuation Seen Above $1040

ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1100 handle in the European trading session today.

We have also detected the formation of an ascending contraction triangle pattern in the hourly time frame indicating that the price is likely to climb higher crossing the $1200 level.

We can see that the price of Ethereum is slowly recovering against the US dollar and continues to gain traction today.

The current price action is positive for the markets, and the prices are expected to remain above the $1200 levels in the US trading session today.

The key support levels to watch are $1100 and $1159, and the prices of ETHUSD need to remain above these levels for the continuation of the bullish trend.

ETH has decreased by 3.30% with a price change of 37$ in the past 24hrs and has a trading volume of 13.489 billion USD.

We can see a decrease of 20.16% in the total trading volume in the last 24 hrs. which appears to be normal.

The Week Ahead

The on-chain data shows that the number of ETH holders is increasing which suggests that the global user activity is at an all-time high leading to an increase in the global investor sentiment.

The prices of Ethereum continue to remain above the important psychological support level of $1100 and most of the technicals are now indicating a bullish market.

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

This week, Ether is expected to move in a range between $1100 and $1300, and next week, it is expected to enter into a consolidation phase above $1200.

Technical Indicators:

The moving averages convergence divergence (12,26): at 9.93 indicating a BUY

The average directional change (14 days): at 33.57 indicating a BUY

The rate of price change: at 2.59 indicating a BUY

The ultimate oscillator: at 56.07 indicating a BUY

LTCUSD – Double Bottom Pattern Above $47

Litecoin was unable to sustain its bullish momentum last week, and after touching a high of 55.86 on 01st July started to decline heavily against the US dollar.

After the decline, the price of Litecoin has entered into a consolidation channel above the $48 handle. We can see the price trading above the pivot, indicating the bullish nature of the markets.

We can clearly see a double-bottom pattern above the $47 handle which is a bullish pattern and signifies the end of a bearish phase and the start of a bullish phase.

Litecoin is now trading above its 100 hourly simple and 100 hourly exponential MAs. The price of LTCUSD is just above its pivot level of 50.19.

The relative strength index is at 58 indicating a STRONG market and the continuation of the buying pressure this week.

The price of Litecoin continues to remain above most of the moving averages, which are now giving a BUY signal at current market levels of 50.20.

The STOCHRSI is indicating an overbought level, which means that the prices are due to correct downwards in the short-term range.

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

  • ALL of the technical indicators are giving a BUY signal
  • Litecoin: bullish reversal seen above the $47 level
  • The daily resistance above $50 is broken
  • The average true range is indicating LESS market volatility

Litecoin: Bullish Reversal Seen Above $47

We can see that the prices of Litecoin continue to remain in the consolidation phase and are trading above the $50 handle in the European trading session today.

The commodity channel index is indicating an overbought market which means that the prices are due to remain in the consolidation channel for some time.

Litecoin was able to clear its daily resistance level of $50 and is poised for an upwards rally in the markets aiming fresh targets of $55 and $60.

The price of LTCUSD is now facing its classic resistance levels of 50.42 and Fibonacci resistance levels of 50.57 after which the path towards $55 will get cleared.

The daily RSI is printing at 42 which is indicating a neutral market and the continuation of the consolidation phase in the short-term range.

LTC has decreased by 0.33% with a price change of 0.16$ in the past 24hrs and has a trading volume of 0.395 billion USD.

Litecoin trading volume has decreased by 29.51% compared to yesterday which appears to be normal.

The Week Ahead

We can see the formation of the Ichimoku bullish crossover pattern in the 4 hourly time-frame indicating the underlying bullish nature of the markets.

The prices of Litecoin need to remain above the $50 handle for the continuation of the uptrend.

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

This week, we are looking at levels of $50 to $55 and next week, Litecoin is expected to consolidate at levels above $55.

Technical Indicators:

The relative strength index (14 days): at 53 indicating a NEUTRAL market

The STOCHRSI (14): at 74.36 indicating a BUY

The average directional change (14): at 25.61 indicating a BUY

The bull/bear power (13): at 0.30 indicating a BUY

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