ETHUSD and LTCUSD Technical Analysis – 13th OCT, 2022

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ETHUSD: Evening Star Pattern Below $1337

Ethereum was unable to sustain its bullish momentum and after touching a high of 1381 on 06th Oct, the prices started to decline against the US dollar. The prices of Ethereum touched a low of 1267 on 11th Oct after which we can see a shift towards the consolidation phase in the markets.

We have seen a bearish opening of the markets which indicates the bearish trend.

We can clearly see an evening star pattern below the $1337 handle which is a bearish pattern and signifies the end of a bullish phase and the start of a bearish phase in the markets.

ETH is now trading just below its pivot level of 1277 and is moving in a mildly bearish channel. The price of ETHUSD is now testing its classic support level of 1268 and Fibonacci support level of 1275 after which the path towards 1200 will get cleared.

The relative strength index is at 36 indicating a weaker demand for Ether and a shift towards the consolidation phase in the markets.

We can see that the price is back under the pivot point in the daily time frame indicating a bearish trend.

Both the STOCHRSI and the Williams percent range are indicating an oversold market, which means that the prices are expected to correct upwards in the short-term range.

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

All of the moving averages are giving a STRONG SELL signal and we are now looking at the levels of $12500 to $1200 in the short-term range.

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

  • Ether: bearish reversal seen below the $1337 mark
  • The short-term range appears to be mildly bearish
  • ETH continues to remain below the $1300 level
  • The average true range is indicating LESS market volatility

Ether: Bearish Reversal Seen Below $1337

ETHUSD is now moving in a mildly bearish channel with the price trading below the $1300 handle in the European trading session today.

ETH touched an intraday high of 1302 in the Asian trading session and an intraday low of 1272 in the European trading session today.

We can see the formation of a bearish harami pattern in the weekly time frame.

The moving average MA50 is giving a bearish trend reversal signal in the 1 hourly time frame.

We have seen that the support of the channel is broken in the 15-minute time frame indicating the bearish nature of the markets.

The daily RSI is printing at 38 indicating a weak demand in the long-term range.

The key support levels to watch are $1223 and $1227, and the price of ETHUSD needs to remain above these levels for any potential bullish reversal in the markets.

ETH has decreased by 2.20% with a price change of 28.61$ in the past 24hrs and has a trading volume of 8.806 billion USD.

We can see an increase of 8.11% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

The price of Ethereum came under heavy selling pressure as it declined below the $1300 level.

Ethereum’s price has now entered a bearish zone against the US dollar and we are now moving towards the $1200 level.

We can see the formation of a major bearish trend line in place from $1337 towards $1265 levels.

The immediate short-term outlook for Ether has turned mildly bearish, the medium-term outlook has turned bearish, and the long-term outlook for Ether is neutral in present market conditions.

The prices of ETHUSD will need to remain above the important support level of $1223 this week.

The weekly outlook is projected at $1275 with a consolidation zone of $1250.

Technical Indicators:

The average directional index ADX (14): is at 26.30 indicating a SELL

The rate of price change: is at -1.61 indicating a SELL

Bull/Bear power (13): is at -16.20 indicating a SELL

The commodity channel index (14): is at -125.57 indicating a SELL

LTCUSD: Bearish Doji Star Pattern Below $54.45

Litecoin was unable to sustain its bullish momentum last week and after touching a high of $54.99 on 06th Oct started to decline against the US dollar touching a low of $49.32 in the European trading session today.

We have seen a bearish opening in the markets indicating the bearish trend.

We can clearly see a bearish doji star pattern below the $54.45 handle which is a bearish pattern and signifies the end of a bullish phase and the start of a bearish phase in the markets.

Litecoin is now trading below its 100 hourly simple moving averages and below its 200 hourly exponential moving averages. The price of LTCUSD is below its pivot levels of 51.00

The relative strength index is at 29 indicating a weaker demand for Litecoin and the continuation of the selling pressure in the markets.

Litecoin touched an intraday high of $52.49 in the Asian trading session and an intraday low of $48.76 in the European trading session today.

The price of Litecoin continues to remain below all of the moving averages, which are now giving a STRONG SELL signal at current market level of 49.20.

Both the commodity channel index, CCI, and STOCHRSI are indicating oversold levels, which means that the prices are expected to correct upwards in the short-term range.

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

  • All of the technical indicators are giving a strong sell signal
  • Litecoin: bearish reversal seen below the $54.45 level
  • Litecoin gets a bearish bias against the US dollar
  • The average true range is indicating HIGH market volatility

Litecoin: Bearish Reversal Seen Below $54.45

We can see that the price of Litecoin continues to decline against the US dollar due to heavy selling pressure, and now we are looking at $48 and $45 levels.

We can see the formation of bearish engulfing lines in the weekly time frame.

We have seen that the horizontal support is broken in the daily timeframe, which is a bearish signal.

We have also detected a bearish harami cross pattern in the 1-hour time frame indicating a bearish trend.

The price of LTCUSD is now facing its classic support level of 50.55 and Fibonacci support level of 50.90 after which the path towards $45 will get cleared.

The daily RSI is printing at 38 which is indicating a weak demand for Litecoin and the continuation of the selling pressure in the short-term range.

LTC has decreased by 5.78% with a price change of 3.04$ in the past 24hrs and has a trading volume of 0.388 billion USD.

Litecoin’s trading volume has increased by 17.78% compared to yesterday which appears to be normal.

The Week Ahead

The price of Litecoin continues to decline amid heavy selling pressure seen in the cryptocurrency markets. After breaching the important support level of $50.00, we are now looking for $48 and $45 as the immediate targets.

We can see the formation of a bearish trend line in place from the $54.45 levels towards the $45.08 levels.

Some of the technical indicators are now giving oversold to neutral signals which mean that the price of Litecoin is due to enter into a consolidation zone and then stage an upwards recovery.

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

The weekly outlook is projected at $48 with a consolidation zone of $45

Technical Indicators:

The STOCH (9,6): is at 42.36 indicating a SELL

The average directional index ADX (14): is at 30.96 indicating a SELL

The ultimate oscillator: is at 39.39 indicating a SELL

The rate of price change: is at -4.03 indicating a SELL

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