ETHUSD and LTCUSD Technical Analysis – 16th FEB, 2023

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ETHUSD: Double Bottom Pattern Above $1462

Ethereum was unable to sustain its bearish momentum and after touching a low of $1462 on 13th Feb, the price started to correct upwards against the US dollar now ranging above the $1650 handle today in the Asian trading session.

We can see a continuous escalation in the price of Ethereum which is expected to push up its price above the $1700 handle.

The price of ETH has touched a new record high of 5 months.

We can clearly see a double bottom pattern above the $1462 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 1681 and moving into a strongly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1687 and Fibonacci resistance level of 1693 after which the path towards 1800 will get cleared.

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

The relative strength index is at 75.92 indicating a very strong demand for Ether and the continuation of the buying pressure in the markets.

The RSI is giving an overbought signal, 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 level of $1683.

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

  • Ether: bullish reversal seen above the $1462 mark.
  • The short-term range appears to be strongly bullish.
  • ETH continues to remain above the $1650 level.
  • The average true range is indicating LESS market volatility.

Ether: Bullish Reversal Seen Above $1462

ETHUSD has now resumed its bullish trend and we are now expecting a retest of the $1800 level soon after which the next visible targets are located at $1800 and $2000 levels.

We can see the formation of a bullish price crossover pattern with the adaptive moving average AMA20 in the weekly time frame.

We have also detected the formation of a white gravestone/inverted hammer pattern in the daily time frame conforming to the bullish reversal.

ETHUSD touched an intraday high of 1707 and an intraday low of 1664 in the Asian trading session today.

The Aroon indicator is giving a bullish trend in the daily time frame.

The key support levels to watch are $1657 at which the price crosses 9-day moving average stalls, and $1679 which is a 3-10 day MACD oscillator stalls.

ETH has increased by 8.76% with a price change of 135.58$ in the past 24hrs and has a trading volume of 12.329 billion USD.

We can see an increase of 34.47% in the total trading volume in the last 24 hrs which is due to the heavy buying seen at lower levels.

The Week Ahead

ETH has now moved into a breakout zone which is expected to continue this week and now we are heading towards the $1800 level.

At present the prices are moving in a super bullish zone above the $1650 levels.

We can see the formation of a bullish ascending channel from $1462 towards the $1713 level.

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 $1809 which is a 14-Day RSI at 70%, and at $1842 which is a pivot point 3rd level resistance.

Weekly outlook is projected at $1900 with a consolidation zone of $1850.

LTCUSD: Bullish Harami Pattern Above $88.19

Litecoin was unable to sustain its bearish momentum last week and after touching a low of $88.19 on 13th Feb, the price started to move upwards against the US dollar, now ranging above the $101 handle today in the European trading session.

The price is ranging near horizontal support in the daily time frame indicating bullish trends.

We can clearly see a bullish harami pattern above the $88.19 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 averages and above its 200 hourly simple moving averages. The price of LTCUSD is just above its pivot level of 101.12.

The relative strength index is at 62.25 indicating a strong demand for Litecoin and the continuation of the buying pressure in the markets.

The price of Litecoin continues to remain above some of the moving averages, which are now giving a BUY signal at current market levels of 101.52.

Both the Williams percent range and average directional index are giving a neutral signal, which means that the prices are expected to remain in a consolidation channel in the short-term range.

We can see that the price is ranging near a new record high of 1 year.

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

  • Some of the technical indicators are giving a STRONG BUY signal.
  • Litecoin: bullish reversal seen above the $88.19 level.
  • STOCHRSI is giving an oversold signal.
  • The average true range is indicating LESS market volatility.

Litecoin: Bullish Reversal Seen Above $88.19

The price of Litecoin has retracted after touching a high of 103.63 today in the Asian trading session.

The relative strength index indicator is back over 50 in the 30-minute time frame indicating bullish trends.

The MACD indicator is giving a bullish divergence signal in the 30-minute time frame.

The price of LTCUSD is now facing its classic resistance level of 101.41 and Fibonacci resistance level of 101.69 after which the path towards $105 will get cleared.

Litecoin touched an intraday high of $103.63 in the Asian trading session and an intraday low of $100.59 in the European trading session today.

Litecoin is now facing its resistance zone at $103.41 which is a 3-10 day MACD oscillator stalls.

LTCUSD has increased by 5.31% with a price change of 5.12$ in the past 24hrs and has a trading volume of 0.808 billion USD.

Litecoin’s trading volume has increased by 25.08% compared to yesterday which is due to the heavy buying seen at lower levels.

The Week Ahead

The price of Litecoin is now ranging into a consolidation phase above the $1000 level after which we are expecting upside moves with immediate targets located at $105 and $110 levels.

The price of Litecoin needs to remain above the important support levels of $97.49 which is a 14-3 day raw stochastic at 70%, and $99.43 at which the price crosses 9-day moving average stalls.

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 $110 with a consolidation zone of $105.



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