ETHUSD and LTCUSD Technical Analysis – 12th JAN, 2023

FXOpen

ETHUSD: Bullish Harami Pattern Above $1237

Ethereum was unable to sustain its bearish momentum and after touching a low of 1237 on 06th Jan, the price started to correct upwards against the US dollar crossing the $1400 handle today in the European trading session.

The prices are ranging near a new record high of 1 month.

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

We can clearly see a bullish harami pattern above the $1237 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 1398 and moving in a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1401 and Fibonacci resistance level of 1403 after which the path towards 1500 will get cleared.

We have also seen the formation of an upside gap in the 15-minute time frame indicating the bullish nature of the markets.

The relative strength index is at 70.66 indicating a strong demand for Ether and the continuation of the buying pressure in the markets.

The Williams percent range is indicating an overbought market, which means that the price is expected to decline 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 STRONG BUY signal at the current market levels of $1399.

ETH is now trading Above both the 100 hourly simple and 200 hourly exponential moving averages.

  • Ether: bullish reversal seen above the $1237 mark
  • The short-term range appears to be strongly bullish
  • ETH continues to remain above the $1350 level
  • The average true range is indicating HIGH market volatility

Ether: Bullish Reversal Seen Above $1237

ETHUSD continues to trade higher against the US dollar and bitcoin. The price of Ethereum remains supported above the $1300 level and now we are testing the break of the $1500 handle.

The momentum Indicator is back over zero in the weekly time frame.

We can see the formation of a bullish price crossover pattern with moving average MA20 in the weekly time frame.

The resistance of the channel is broken in the daily time frame indicating bullish trends.

ETHUSD touched an intraday low of 1341 in the Asian trading session and an intraday high of 1417 in the European trading session today.

The daily RSI is printing at 75.77 indicating a STRONG demand for Ether in the long-term range.

The key support levels to watch are $1275 at which the price crosses 9-day moving average and at $1313 which is a 38.2% retracement from a 4-week high.

ETH has increased by 4.62% with a price change of 61.65$ in the past 24hrs and has a trading volume of 9.607 billion USD.

We can see an increase of 74.76% in the total trading volume in the last 24 hrs which is due to the heavy buying pressure seen in the global markets.

The Week Ahead

ETH has already made a successful attempt at crossing the $1400 level and the next targets are located at $1500 and $1600 levels in the medium-term.

We can see the formation of an ascending channel from $1237 towards $1421.

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 under present market conditions.

The resistance zone is located at $1413 which is a 1-month high, and at $1442 which is a 38.2% retracement from a 13-week high.

The weekly outlook is projected at $1550 with a consolidation zone of $1500.

Technical Indicators:

The STOCH (9,6): is at 57.42 indicating a BUY

The MACD (12,26): is at 16.00 indicating a BUY

The ultimate oscillator: is at 51.75 indicating a BUY

The rate of price change: is at 4.24 indicating a BUY

LTCUSD: Bullish Engulfing Pattern Above $72.59

Litecoin was unable to sustain its bearish momentum last week and after touching a low of $72.59 on 06th Jan, the price started to move upwards against the US dollar crossing the $85 handle today in the European trading session.

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

We can clearly see a bullish engulfing pattern above the $72.59 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 above its 100 hourly simple moving average and below its 200 hourly simple moving averages. The price of LTCUSD is just below its pivot level of 83.97.

The relative strength index is at 60.79 indicating a STRONG demand for Litecoin and the continuation of the buying pressure in the markets.

The price of Litecoin continues to remain above most of the moving averages, which are now giving a BUY signal at the current market level of 83.81.

The price of Litecoin is nearing a NEW record high of 1-months.

The MACD indicator is back over zero in the weekly time frame.

The RSI indicator is back over 50 in the 30-minute time frame indicating a bullish trend.

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

  • Most of the technical indicators are giving a buy signal
  • Litecoin: bullish reversal seen above the $72.59 level
  • STOCH is giving a NEUTRAL signal
  • The average true range is indicating LESS market volatility

Litecoin: Bullish Reversal Seen Above $72.59

The price of Litecoin continues to move in a strongly bullish momentum against the US dollar having already crossed the $80 and $85 levels. We are now looking to breach the $90 level.

The super trend indicator is giving a bullish reversal signal in the weekly time frame.

We can see the formation of the moving average bullish crossover pattern with the adaptive moving averages AMA20 and AMA50 in the daily time frame.

The price of LTCUSD is now facing its classic resistance level of 84.62 and Fibonacci resistance level of 85.49 after which the path towards $90 will get cleared.

Litecoin touched an intraday low of $82.19 in the Asian trading session and an intraday high of $86.43 in the European trading session today.

Litecoin is now facing its resistance zone at $83.68 which is a 38.2% retracement from a 52 week low and at $85.37 which is a 3-10 -day MACD oscillator stalls.

LTCUSD has increased by 2.11% with a price change of 1.73$ in the past 24hrs and has a trading volume of 0.717 billion USD.

Litecoin’s trading volume has increased by 17.85% compared to yesterday which appears to be normal.

The Week Ahead

The price of Litecoin has been successful in clearing the $85 resistance and now the next potential upsides are located at $90.

Some of the technical indicators are also giving a neutral stance.

The price of Litecoin needs to remain above the important support levels of $76.83 which is a 38.2% retracement from a 4-week high and at $77.56 at which the price crosses 9-day moving average.

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

The weekly outlook is projected at $90 with a consolidation zone of $85.

Technical Indicators:

The relative strength index (14): is at 60.79 indicating a BUY

The average directional index (14): It is at 30.14 indicating a BUY

The rate of price change: is at 0.603 indicating a BUY

Bull/bear power (13): is at 3.27 indicating a BUY



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