ETHUSD and LTCUSD Technical Analysis

ETHUSD: Descending Triangle Pattern Below $4,300

Ethereum failed to continue its bullish momentum this week and after touching an intraday high of $4,765 on 16th Nov, started a steep decline towards the $4,300 handle.

We can see a descending triangle pattern below $4,300 which signifies that the downtrend is expected to continue as more and more traders are entering short positions in Ethereum in hopes of making profit from a falling market.

ETHUSD touched an intraday low of $4,118 in the European trading session today, after which the prices stabilized and continue to trade above the $4,200 level.

StochRSI is indicating OVERSOLD level, which means that the market is in a position to enter into a consolidation phase, and the prices will continue to move in a narrow range between $4,200 and $4,400.

ETH is now trading below its pivot level of $4,243 and moving in continuation of a bearish trend. The price of ETHUSD is now testing its classic support level of $4,197 and its Fibonacci support level of $4,213. After this, the path towards $4,000 will get cleared.

ETHUSD is facing heavy downwards pressure and has already broken its key support level of $4,240 today.

All the major technical indicators are giving a STRONG SELL signal.

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

Ethereum is in continuation of a bearish channel
Short-term range appears to be bearish for ETHUSD
All the moving averages are giving a STRONG SELL signal
Williams percent range is indicating OVERSOLD markets

Ether Bearish Trend Continuation Below $4,300

ETHUSD has been moving in a steep downturn since yesterday, and this is a short-term bearish reversal of the market. The medium to long-term outlook for ETH remains bullish.

The present market condition offers short-term traders to enter into SELL positions, with the immediate targets of $4,100 and $4,000.

The price of ETHUSD will need to remain above the important psychological support level of $4,000 this week to mark the reversal of this bearish channel.

The average true range is indicating low market volatility as we can see a drop of 26% in the trading volume as compared to yesterday. This means that fresh buyers are not willing to enter the markets given the bearish nature of the trend.

ETH has gained +1.15% with a price change of +47.70$ in the past 24hrs and has a trading volume of 18.471 billion USD.

The Week Ahead

Ether is expected to continue this downtrend this week and touch the level of $4,100 or even break the $4,000 handle. Since the long-term bullish tone is still present, the dips below $4,000 will remain well supported and will continue to push the prices higher.

StochRSI is OVERSOLD which indicates that the prices are going to REVERSE very soon.

The current level is very attractive for entering into the markets with short-term position and the target of $4,000.

The price of ETHUSD has already broken its Camarilla support level of $4,234 and further downsides are expected below $4,200 in the coming days. Next week, we can expect a reversal of this bearish trend.

Technical Indicators:

Stoch (9,6): at 26.571 indicating a SELL

Relative strength index (14-day): at 43.318 indicating a SELL

Ultimate oscillator: at 39.654 indicating a SELL

Rate of price change: at -0.687 indicating a SELL

LTCUSD: Head and Shoulders Pattern Below $235

Litecoin started this week with a major bearish correction and continues to trade below the $220 handle in the European trading session today.

We can see a head-and-shoulders pattern below $235 which signifies that bearish downtrend is likely to continue this week aiming for $200.

In the short-term range, the trend is strongly bearish, and no fresh buying support is seen at this level which means that we can expect going lower this week.

Litecoin is now trading below its 100 hourly simple and exponential moving averages. The price of LTCUSD has already broken its pivot level of 220.23

StochRSI is indicating OVERSOLD levels which signifies that the markets are about to enter into a consolidation phase at any time.

The short-term outlook for Litecoin remains bearish.

All the major technical indicators are giving a STRONG SELL signal
All the MOVING AVERAGES are giving a STRONG SELL signal.
A downtrend is observed in the short-term range below $235
Williams percent range is indicating OVERSOLD markets

Litecoin Bearish Trend Line Formation Below $235

The price of Litecoin is witnessing heavy selling pressure across all major crypto exchanges worldwide, leading to its collapse below $230 today.

The price of LTCUSD is now facing its classic support level of 218.96 and Fibonacci support levels of 219.27, after which the path towards $210 will get cleared.

Litecoin is trading with less market volatility today, and the prices are expected to enter into a consolidation phase. In the last 24hrs, LTCUSD has gone DOWN by -3.88% with a price change of -8.73$ and has a 24hr trading volume of 2.485 billion USD.

The Week Ahead

Litecoin is witnessing decreased trading volumes today; compared to yesterday, we can see a drop of 32% in total trading volumes. This also means that new investors are not willing to enter the market at current levels due to heavy selling.

Litecoin is now facing its major support level of $215 which, if broken, will expose further downside towards the $210 handle.

StochRSI is indicating OVERSOLD levels which also signifies a short-term potential trend reversal pattern. The average true range is indicating less market volatility.

We could see the price reaching $215 to $200 this week, and next week, Litecoin is expected to trade at levels above $200.

Technical Indicators:

Ultimate oscillator: at 37.159 with a SELL

Stoch (9,6): at 29.79 with a SELL

Moving averages convergence divergence (12,26): at -3.218 indicating SELL

Commodity channel index (14-day): at -143.42 indicating a SELL