ETHUSD: Double Bottom Pattern Above $1,725

Ethereum was unable to sustain its bearish momentum this week and after touching a low of 1,725 on 07th June started to correct upwards against the US dollar.

We can see a strong pullback action in the markets which is keeping the prices of Ethereum above the $1,800 handle in the European trading session today.

We can see the formation of a bullish ascending channel above the $1,800 handle, and now we are looking at $1,900 and $2,050 as the immediate targets.

The prices touched an intraday low of $1,777 in the Asian trading session, and an intraday high of $1,821 in the European trading session today.

We can clearly see a double bottom pattern above the $1,725 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 1,814 and moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1,820 and Fibonacci resistance level of 1,825, after which the path towards 1,900 will get cleared.

The relative strength index is at 58 indicating a strong market and the continuation of the uptrend this week.

The StochRSI and Williams percent range are indicating an oversold level which means that the price is due to correct upwards 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 $1,900 to $2,000 in the short-term range.

ETH is now trading above the 100 hourly and exponential MAs.

• A bullish reversal seen above the $1,725 mark
• The short-term range appears to be strongly bullish
• The parabolic SAR is indicating a bullish reversal in the hourly time frame
• The average true range is indicating less market volatility

Ether: Bullish Reversal Seen Above $1,725

ETHUSD is moving in a strongly bullish channel with the prices trading above the $1,800 handle in the European trading session today.

We can see the formation of a bullish harami cross pattern in the 15-minute time frame indicating the potential bullish nature of the present markets.

The prices of Ethereum may continue to move upwards against the US dollar, as the medium-term investors are coming back into the markets.

The key resistance levels to watch are $1,907 and $2,077, and the price of ETHUSD needs to cross these levels for the continuation of the bullish reversal.

ETH has declined by 0.90% with a price change of 16$ in the past 24hrs and has a trading volume of 13.881 billion USD.

We can see a decrease of 37.41% in the total trading volume in the last 24 hrs which is due to the uncertain nature of the global markets.

The Week Ahead

The global investor sentiments have improved leading to a pullback action in the markets, and now we are looking at $1,900 and $2,050 as the immediate targets.

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 $1,800 and $2,000, and next week, it is expected to enter into a consolidation phase above $2,000.

Technical Indicators:

STOCH (9,6): at 65.83 indicating a BUY

The moving averages convergence divergence (12,26): at 3.66 indicating a BUY

The ultimate oscillator: at 68.27 indicating a BUY

The rate of price change: at 1.82 indicating a BUY

LTCUSD: Double Bottom Pattern Above $60

Litecoin was unable to sustain its bearish momentum last week and after touching a low of 60.13 on 07th June started to move upwards against the US dollar.

We can see some pullback action in the markets at levels above $60, and now we are looking at $65 and $70 as the immediate targets.

We can clearly see a double-bottom pattern above the $60 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 Below its 100 hourly simple and 200 hourly exponential moving averages. The price of LTCUSD is just above its pivot level of 62.10.

The relative strength index is at 55 indicating a strong market, and the continuation of the buying pressure this week.

The price of Litecoin continues to remain above all of the MAs, which are now giving a BUY Signal at current market levels of 62.10.

The Williams percent range and STOCHRSI are indicating an overbought level, which means that the prices are expected to decline in the short-term range.

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

• All of the technical indicators are giving a strong BUY signal
• A bullish reversal seen above $60
• Consolidation has started above the $61 handle
• The average true range is indicating less market volatility

Litecoin: Bullish Reversal Seen Above $60

We can see that the price of Litecoin is now moving in a consolidation channel above $62 and more upsides are projected this week.

We can see the formation of SMA5 and EMA5 crossover patterns located at 61.86 and 62.09 indicating a potential bullish reversal in the markets in the 5-hour time frame.

The price of LTCUSD is now facing its classic resistance level of 62.50 and Fibonacci resistance level of 62.70 after which the path towards $65 will get cleared.

The daily RSI is printing at 39 which is indicating a bearish market and the continuation of the downwards trend.

LTC has increased by 0.24% with a price change of 0.1469$ in the past 24hrs, and has a trading volume of 0.469 billion USD.

Litecoin’s trading volume has decreased by 25.56% compared to yesterday which appears to be normal.

The Week Ahead

This week, we are looking at the continuation of the consolidation channel above the $62 handle. If the prices remain above this level, we may see some bullish moves next week.

The short-term outlook for Litecoin has turned 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 $60 to $65, and next week, Litecoin is expected to consolidate at levels above $65.

Technical Indicators:

The relative strength index (14 days): at 54 indicating a NEUTRAL level

The average directional change (14 days): at 35 indicating a BUY

The rate of price change: at 0.646 indicating a BUY

The ultimate oscillator: at 62.18 indicating a BUY

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