ETHUSD and LTCUSD Technical Analysis – 16th JUNE, 2022

FXOpen

ETHUSD – Bearish Doji Star Pattern Below $1834

Ethereum was unable to sustain its bullish momentum and after touching a high of 1834 on 16th June started to decline heavily against the US Dollar.

We can see a continued selloff in the markets which is keeping the prices of Ethereum below the $1200 handle in the European Trading session today.

We can see the formation of a Bearish Descending channel below the $1800 handle and now we are looking at $1100 and $1050 as the immediate targets.

The prices touched an Intraday Low of $1144 in the European Trading session and an Intraday High of $1254 in the Asian Trading session today.

We can clearly see a Bearish Doji Star Pattern Below the $1834 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 below its Pivot levels of 1168 and is moving into a Strong Bearish channel. The price of ETHUSD is now testing its Classic support levels of 1126 and Fibonacci support levels of 1158 after which the path towards 1100 will get cleared.

Relative Strength Index is at 50 indicating a NEUTRAL market and the shift towards the consolidation phase in the markets.

The STOCHRSI is indicating Oversold levels, which means that the prices are due to correct upwards in the short-term range.

ALL of the of the Technical indicators are giving a STRONG SELL market Signal.

Some of the Moving Averages are giving a SELL Signal and we are now looking at the levels of $1100 to $1050 in the short-term range.

ETH is now trading Below its both the 100 Hourly Simple and Exponential Moving Averages.

  • Ether Bearish Reversal seen Below the $1834 mark.
  • Short-term range appears to be Strongly BEARISH.
  • Bearish Harami Pattern seen in the 15minutes timeframe.
  • Average True Range is indicating LESS Market Volatility.

Ether Bearish Reversal Seen Below $1834

ETHUSD is now moving into a Strong Bearish Channel with the prices trading below the $1200 handle in the European Trading session today.

We can see the formation of a Bullish crossover pattern of Adaptive Moving Average AMA 100 in the 30 minutes timeframe indicating the potential Bullish reversal.

After the recent decline in the prices of Ethereum some of the analysts have predicted that the bottom levels are reached and now the prices are due to correct upwards in the medium to long term range.

The key resistance levels to watch are $1208 and $1275 and the prices of ETHUSD need to cross these levels for the start of the Bullish reversal.

ETH has increased by 9.56% with a price change of 98$ in the past 24hrs and has a trading volume of 30.529 Billion USD.

We can see an Increase of 13.59% in the total trading volume in last 24 hrs. which is due to the heavy selling seen across the global markets.

The Week Ahead

The global investor sentiments continue to be weak leading to the massive slide in the prices of Ethereum this week.

The crash that we have seen is also due to the heavy selling by the Hedge Funds in the wake of the US Fed Rate Hike decision.

The immediate short-term outlook for the Ether has turned as Strongly BEARISH, the medium-term outlook has turned NEUTRAL, and the long-term outlook for Ether is NEUTRAL in present market conditions.

In this week Ether is expected to move in a range between the $100 and $1200 and in the next week Ether is expected to enter into a Consolidation phase above the $1200 levels.

Technical Indicators:

Average Directional Change(14days): It is at 39.83 indicating a SELL.

Williams Percent Range: It is at -74.96 indicating a SELL.

Ultimate Oscillator: It is at 39.15 indicating a SELL.

Commodity Channel Index(14days): It is at -91.04 indicating a SELL.

LTCUSD – Bearish Harami Pattern Below $62

Litecoin was unable to sustain its bullish momentum last week and after touching a High of 62.36 on 09th June started to decline heavily against the US Dollar.

We can see continued selling in the markets as the prices of Ethereum have plunged below the $45 handle in the European Trading session today.

We can clearly see a Bearish Harami Pattern Below the $62 handle which is a Bearish pattern and signifies the end of a Bullish phase and the start of a Bearish phase.

Litecoin is now trading Below its 100 hourly Simple moving averages and 200 hourly Exponential moving averages. The price of LTCUSD is just Above its Pivot levels of 46.32

Relative Strength Index is at 41 indicating a WEAK market, and the continuation of the selling pressure this week.

The prices of Litecoin continue to remain Below all of the Moving Averages, which are now giving a SELL Signal at current market levels of 45.65

The STOCHRSI is indicating Oversold levels, which means that the prices are due to correct upwards in the short-term range.

The Short-Term outlook for the Litecoin has turned Strong BEARISH.

  • ALL of the Technical Indicators are giving a STRONG SELL Signal.
  • Litecoin Bearish Reversal seen Below the $62 levels.
  • Litecoin consolidation has started above the $42 handle.
  • Average True Range is indicating LESS Market Volatility.

Litecoin Bearish Reversal Seen Below $62

We can see that the prices of Litecoin are now moving in a consolidation channel above the $42 handle in the European Trading session today.

The consolidation pattern is indicating that if the prices continue to remain above the $40 handle, we can see a rise towards the $45 and $50 levels.

The price of LTCUSD is now facing its Classic support levels of 42.44 and Fibonacci support levels of 45.39 after which the path towards $40 will get cleared.

The Daily RSI is printing at 31 which is indicating a Bearish market and the continuation of the downwards trend.

LTC has increased by 7.97% with a price change of 3.38$ in the past 24hrs and has a trading volume of 0.988 Billion USD.

Litecoin trading volume has increased by 12.03% as compared to yesterday which is due to the heavy selling across the markets.

The Week Ahead

In this week we are looking at the continuation of the consolidation channel above the $42 handle.

If the prices remain above these levels, we can see some bullish moves in the next week.

The short-term outlook for Litecoin has turned as STRONG BEARISH, the medium-term outlook is NEUTRAL, and the long-term outlook is NEUTRAL at present market conditions.

In this week we are looking at levels of $40 to $45 and in the next week Litecoin is expected to consolidate at levels above $45.

Technical Indicators:

Relative Strength Index(14days): It is at 41 indicating a SELL.

Average Directional Change(14days): It is at 42.55 indicating a SELL.

Rate of Price Change: It is at -6.06 indicating a SELL.

Ultimate Oscillator: It is at 31.36 indicating a SELL.

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