ETHUSD and LTCUSD Technical Analysis – 08th DEC, 2022

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ETHUSD: Double Bottom Pattern Above $1218

Ethereum was unable to sustain its bearish momentum and after touching a low of 1211 on 07th Dec, the price started to correct upwards against the US dollar moving into a consolidation channel above the $1200 handle today in the European trading session.

We can see the formation of a bullish harami pattern in the 15-minute time frame indicating a bullish trend.

The Williams percent range indicator is back over -50 in the 2-hour time frame.

We can clearly see a double bottom pattern above the $1218 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 below its pivot level of 1232 and moving into a consolidation channel. The price of ETHUSD is now testing its classic resistance level of 1234 and Fibonacci resistance level of 1235 after which the path towards 1300 will get cleared.

The relative strength index is at 53 indicating a NEUTRAL demand for Ether and the continuation of the consolidation phase in the markets.

We can see both the bullish harami and bullish harami cross pattern in the daily time frame.

Both the relative strength index and the average directional index are indicating neutral levels, which means that the prices are expected to remain in a narrow range in the short-term range.

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

Most of the moving averages are giving a BUY signal and we are now looking at the levels of $1300 to $1400 in the short-term range.

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

  • Ether: bullish reversal seen above the $1218 mark
  • The short-term range appears to be mildly bullish
  • ETH continues to remain above the $1200 levels
  • The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1218

ETHUSD is now moving into a mild bullish channel with the price trading above the $1200 handle in the European trading session today.

ETH is now preparing to enter into a consolidation phase above the $1230 handle, after which fresh upside waves are expected.

ETHUSD touched an intraday high of 1234 and an intraday low of 1223 in the Asian trading session today.

We have seen a bullish opening in the markets this week.

The daily RSI is printing at 47 indicating a neutral demand for Ether in the long-term range.

The key support levels to watch are $1191, which is a 14-3 day raw stochastic at 50%, and $1215 at which price crosses 18 Day Moving Average.

ETH has increased by 0.09% with a price change of 1.07$ in the past 24hrs and has a trading volume of 4.698 billion USD.

We can see a decrease of 24.01% in the total trading volume in the last 24 hrs which appears to be Normal.

The Week Ahead

ETH price continues to remain under mild bullish pressure and the prices are expected to remain in a bullish traction this week.

After the current wave of consolidation gets over, we are expecting fresh buying pressure above the $1200 handle which will push the price above the $1300 level.

The immediate short-term outlook for Ether has turned bullish, the medium-term outlook has turned neutral, 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 $1199 at which the price crosses 9-day moving average stalls.

The weekly outlook is projected at $1400 with a consolidation zone of $1350.

Technical Indicators:

The relative strength index (14): is at 53.20 indicating a NEUTRAL.

The STOCH (9,6): is at 69.01 indicating a BUY

The MACD (12,26): is at 0.350 indicating a BUY

Bull/bear power (13): is at 1.498 indicating a BUY

LTCUSD: Hammer Pattern Above $75.38

Litecoin was unable to sustain its bearish momentum last week and after touching a low of $75.38 on 02nd Dec, the prices started to move upwards against the US dollar touching a high of $83.87 on 05th Dec.

The prices of Litecoin have corrected lower due to short selling, but a rebound in the prices is expected after the consolidation wave gets over.

We can clearly see a hammer pattern above the $75.38 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 averages and below its 200 hourly simple moving averages. The price of LTCUSD is just below its pivot level of 75.86

The relative strength index is at 54.25 indicating a NEUTRAL demand for Litecoin and the shift towards the consolidation phase in the markets.

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

Litecoin touched an intraday high of $77.30 and an intraday low of $74.54 in the Asian trading session today.

The prices of Litecoin continue to remain above some of the moving averages, which are now giving a BUY signal at current market levels of 74.98.

The RSI is indicating a neutral level, 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.

  • Most of the technical indicators are giving a buy signal
  • Litecoin: bullish reversal seen above the $75.38 levels
  • The STOCHRSI is giving an overbought signal
  • The average true range is indicating LESS market volatility

Litecoin: Bullish Reversal Seen Above $75.38

The price of Litecoin is moving into a downside correction wave above the $74.00 handle and after this we are expecting fresh upsides at $80 and $85 levels.

The commodity channel Index is giving a bullish divergence signal in the 4-hour time frame.

We can see the formation of a bullish trend reversal pattern with the adaptive moving average AMA20 in the 15-minute time frame.

We have seen a bullish opening of the markets this week.

The price of LTCUSD is now facing its classic resistance level of 81.12 and Fibonacci resistance level of 85.77 after which the path towards $90 will get cleared.

Litecoin is now facing its resistance zone at $78.45 which is a 3-10 day MACD oscillator stalls and at $79.17 which is a 14-3 day raw stochastic at 80%.

The daily RSI is printing at 54 which is indicating a neutral demand for Litecoin and the continuation of the consolidation wave in the medium-term range.

LTCUSD has decreased by 2.21% with a price change of 1.70$ in the past 24hrs and has a trading volume of 0.495 billion USD.

Litecoin’s trading volume has decreased by 19.77% compared to yesterday which appears to be normal.

The Week Ahead

The prices of Litecoin continue to move into a narrow range between the $70 and $85 levels which are the consolidation levels in the 30-minute time frame.

We are expecting more upsides towards the $80 and $85 levels, after the current downside wave gets exhausted.

Litecoin is expected to enter rally mode next week.

The price of Litecoin needs to remain above the important support level of $71.82 which is a 14-3 day raw stochastic at 50%.

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

The weekly outlook is projected at $85 with a consolidation zone of $80.

Technical Indicators:

The STOCH (9,6): is at 61.52 indicating a BUY

The commodity channel index (14): is at 179.55 indicating a BUY

The bull/bear power (13): is at 28.93 indicating a BUY

The Williams percent range: is at -25.82 indicating a BUY

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