ETHUSD: Double Bottom Pattern Above $1580

Ethereum was unable to sustain its bearish momentum and after touching a low of 1584 on 04th Aug started to correct upwards against the US dollar crossing the $1800 handle in the European trading session today.

We can see a continuous uptick in the prices of Ethereum due to the heavy buying pressure seen since yesterday.

We can clearly see a double bottom pattern above the $1580 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 1884 and moving into a strong bullish channel. The price of ETHUSD is now testing its classic resistance level of 1895 and Fibonacci resistance level of 1901 after which the path towards 2000 will get cleared.

The relative strength index is at 67 indicating a strong market and the continuation of the uptrend in the markets.

We can see the formation of a bullish harami pattern on the 2-hour time-frame indicating the underlying bullish nature of the markets.

The STOCHRSI is indicating an oversold market, which means that the prices are due for an upwards correction.

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 $1900 to $2000 in the short-term range.

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

• Ether: bullish reversal seen above the $1580 mark
• Short-term range appears to be strongly bullish
• ETH continues to remain above the $1800 level
• The average true range is indicating less market volatility

Ether: Bullish Reversal Seen Above $1580

ETHUSD is now moving into a strongly bullish channel with the prices trading above the $180 handle in the European trading session today.

ETH touched an intraday high of 1911 and an intraday low of 1830 in the Asian trading session today.

We have also detected the formation of the Ichimoku bullish crossover pattern in the 15-minute time frame.

The Williams percent range is also giving a bullish markets signal at the current reading of -28.

The key support levels to watch are $1751 and $1716, 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 10.87% with a price change of 184$ in the past 24hrs and has a trading volume of 28.383 billion USD.

We can see an increase of 60.00% in the total trading volume in the last 24 hrs which is due to the buying seen by the medium-term Investors.

The Week Ahead

We can see a continuous progression of a bullish trendline from 1580 towards the 1918 level.

The price of Ethereum is now testing its resistance zone located at $2000, and we are likely to see a short-term correction in its levels after touching $2000.

The immediate short-term outlook for Ether has turned strongly 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 levels of $1700 this week.

The weekly outlook is projected at $1950 with a consolidation zone of $1800.

Technical Indicators:

The relative strength index (14): at 67.52 indicating a BUY

The moving averages convergence divergence (12,26): at 37.31 indicating a BUY

The rate of price change: at 4.01 indicating a BUY

The ultimate oscillator: at 53.30 indicating a BUY

LTCUSD: Inverted Hammer Pattern Above $57

Litecoin was unable to sustain its bearish momentum last week and after touching a Low of $57 on 04th Aug started to correct upwards against the US dollar, crossing the $64 handle on 08th Aug.

We can see that after touching the $64 levels, the price of Litecoin corrected lower due to the selling by the short-term investors as it touched a low of $57 on 10th Aug.

We can clearly see an inverted hammer pattern above the $57 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 moving average and 100 hourly exponential moving average. The price of LTCUSD is just above its pivot level of 61.94.

The relative strength index is at 59 indicating a strong market and the continuation of the buying pressure in the markets.

Litecoin touched an intraday high of $62 and an intraday low of $61 in the Asian trading session today.

The price of Litecoin continues to remain above most of the moving averages, some of which are now giving a buy signal at current market levels of 61.97.

Both the highs/lows and commodity channel index are indicating neutral levels, which means that the prices are expected to remain in a narrow range 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 $57 level
• Litecoin gains bullish bias against the US dollar
• The average true range is indicating less market volatility

Litecoin: Bullish Reversal Seen Above $57

We can see that the price of Litecoin continues to remain in the consolidation phase and is now trading above the $61 handle in the European trading session today.

We can see the formation of an adaptive moving average 20 crossover pattern indicating the underlying bullish nature of the markets.

The price of LTCUSD is now facing its classic resistance level of 62.23 and Fibonacci resistance level of 62.37 after which the path towards $65 will get cleared.

We saw that the Aroon indicator is giving a bullish trend in the 4-hour time frame.

The daily RSI is printing at 57 which is indicating a strong demand for Litecoin and the continuation of the uptrend in the short-term range.

LTC has increased by 5.73% with a price change of 3.36$ in the past 24hrs and has a trading volume of 0.530 billion USD.

Litecoin’s trading volume has increased by 12.35% compared to yesterday which appears to be normal.

The Week Ahead

We can see a continued progression of the bullish trend line from $57 towards $62. Now for the continuation of this bullish trend, we will need a fresh wave starting from $57 towards $65.

The price of Litecoin needs to remain above the $60 handle for the continuation of the bullish reversal in the markets.

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.

The weekly outlook is projected at $65 with a consolidation zone of $60.

Technical Indicators:

The relative strength index (14-day): at 59indicating a BUY

The ultimate oscillator: at 57.64 indicating a BUY

The rate of price change: at 1.19 indicating a BUY

Bull/Bear power (13): at 0.31 indicating a BUY

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