ETHUSD and LTCUSD Technical Analysis – 17th NOV, 2022

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ETHUSD: Bearish Engulfing Pattern Below $1349

Ethereum was unable to sustain its bullish momentum and after touching a high of 1349 on 10th Nov, the prices started to decline against the US dollar touching a low of 1171 on 14th Nov.

After this decline, we can see some upwards correction in the levels of Ethereum above the $1200 handle.

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

We can clearly see a bearish engulfing pattern below the $1349 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 levels of 1204 and moving into a mildly bearish channel. The price of ETHUSD is now testing its classic support level of 1188 and Fibonacci resistance level of 1198 after which the path towards 1100 will get cleared.

The relative strength index is at 40 indicating a WEAK demand for Ether and the continuation of the selling pressure in the markets.

The prices are ranging near the horizontal resistance in the weekly time frame, indicating a bearish trend.

Both the STOCHRSI and Williams percent range are indicating oversold levels.

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

Most of the moving averages are giving a STRONG SELL signal and we are now looking at the levels of $1150 to $1100 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 $1349 mark
  • 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 $1349

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

ETH continues to remain under pressure this month and fresh downsides are expected below the $1100 handle.

ETHUSD touched an intraday high of 1227 and an intraday low of 1193 in the Asian trading session today.

We can see a bullish price crossover pattern with moving averages MA50 and MA100 in the 1-hour time frame.

We can also see the formation of a black evening star pattern in the 15-minute time frame.

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

The key support level to watch is $1186 which is the last resistance level, and $1195 which is a 14-3 day raw stochastic at 20%

ETH has decreased by 3.15% with a price change of 38.81$ in the past 24hrs and has a trading volume of 11.524 billion USD.

We can see an increase of 1.46% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH price continues to remain in a bearish zone against the US dollar and bitcoin. ETHUSD is expected to move lower towards the $1100 and $11150 levels this week.

We can see the formation of a major bearish trend line in place from $1349 towards $1119 levels.

The immediate short-term outlook for Ether has turned mildly bearish, the medium-term outlook has turned neutral, 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 levels of $1094 which is the 3rd support pivot point.

The weekly outlook is projected at $1150 with a consolidation zone of $1100.

Technical Indicators:

The relative strength index (14): is at 37.20 indicating a SELL

The rate of price change: is at -1.23 indicating a SELL

Bull/Bear power (13): is at -14.17 indicating a SELL

High/lows (14): is at -7.94 indicating a SELL

LTCUSD: Bullish Engulfing Pattern Above $47.57

Litecoin was unable to sustain its bearish momentum last week, and after touching a low of 47.57 on 09th Nov the price started to move upwards against the US dollar touching a high of $64.26 on 11th Nov.

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

The price of Litecoin is now back over the pivot point in the daily time frame.

We can clearly see a bullish engulfing pattern above the $47.57 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 below its 200 hourly simple moving averages. The price of LTCUSD is just below its pivot level of 59.45

The relative strength index is at 55.28 indicating a STRONG demand for Litecoin and continuation of buying pressure in the markets.

We can see that the horizontal resistance is broken in the daily time frame indicating a bullish trend.

Litecoin touched an intraday low of $56.91 in the Asian trading session and an intraday high of $60.01 in the European trading session today.

The price of Litecoin continues to remain above most of the moving averages, which are now giving a STRONG BUY signal at the current market level of 58.92.

The Williams percent range is indicating a neutral level, which means that the prices are expected to move towards a consolidation phase 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 $47.57 level
  • Prices have crossed 14-day RSI at 40%
  • The average true range is indicating HIGH market volatility

Litecoin: Bullish Reversal Seen Above $47.57

We can see that Litecoin has resumed its long-term upwards trend and is now aiming towards crossing the $60 and $65 levels.

We can see a bullish trend reversal pattern with the moving averages MA20 and MA50 in the 4-hour time frame.

The parabolic SAR indicator is giving a bullish reversal signal in the 4-hour time frame.

The ichimoku price is over the cloud in the daily time frame indicating a bullish trend.

The RSI indicator is back over 50 in the daily time frame.

The price of LTCUSD is now facing its classic resistance level of 59.81 and Fibonacci resistance level of 60.45 after which the path towards $65 will get cleared.

The daily RSI is printing at 51.08 which is indicating a neutral demand for Litecoin and a shift towards the consolidation phase in the short-term range.

LTCUSD has increased by 1.93% with a price change of 1.12$ in the past 24hrs and has a trading volume of 0.642 billion USD.

Litecoin’s trading volume has increased by 21.80% compared to yesterday which appears to be normal.

The Week Ahead

The price of Litecoin has made a failed attempt to cross the $60 handle today, and now the immediate targets are $62 and $65.

We can see the formation of a bullish trend line in place from the $47.57 level towards the $63.59 level.

The price of Litecoin needs to remain above the important support level of $57.71 which is a 38.2% retracement from a 4-week low.

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 $65 with a consolidation zone of $60.

Technical Indicators:

The MACD (12,26): is at 0.117 indicating a BUY

The commodity channel index (14): is at 133.66 indicating a BUY

Bull/bear power (13): is at 1.308 indicating a BUY

The rate of Price Change: is at 2.33 indicating a BUY



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