ETHUSD and LTCUSD Technical Analysis – 19th JAN, 2023

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ETHUSD: Double Bottom Pattern Above $1321

Ethereum was unable to sustain its bearish momentum and after touching a low of 1321 on 11th Jan, the price started to correct upwards against the US dollar crossing the $1600 handle on 18th Jan.

The prices are ranging near horizontal support in the daily time frame indicating bullish trends.

We can clearly see a double bottom pattern above the $1321 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 below its pivot level of 1540 and moving in a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1575 and Fibonacci resistance level of 1639 after which the path towards 1700 will get cleared.

We have also seen the formation of a bullish harami pattern in the 15-minute time frame.

The relative strength index is at 72.46 indicating a STRONG demand for Ether and the continuation of the buying pressure in the markets.

Both the STOCH and average directional index are indicating an overbought market, which means that the prices are 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 levels of $1528.

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

  • Ether: bullish reversal seen above the $1321 mark
  • The short-term range appears to be mildly bullish
  • ETH continues to remain above the $1500 level
  • The average true range is indicating HIGH market volatility

Ether: Bullish Reversal Seen Above $1321

ETHUSD continues to trade higher against the US dollar and bitcoin. The price of Ethereum remains supported above the $1500 level and now we are testing the break of the $1600 handle.

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

We have also detected a bullish Doji star pattern in the 1-hour time frame.

ETHUSD touched an intraday low of 1507 in the Asian Trading session and an intraday high of 1531 in the European trading session today.

The STOCHRSI is indicating a NEUTRAL level.

The key support levels to watch are $1432 which is a 38.2% Retracement from a 4-week high, and $1446 at which the price crosses 9-Day Moving Average.

ETH has decreased by 3.18% with a price change of 50.14$ in the past 24hrs and has a trading volume of 10.105 billion USD.

We can see an Increase 33.87% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

ETH has already made a successful attempt at crossing the $1600 level and the next targets are located at $1700 and $1800 in the medium-term.

At present, the price is moving in a consolidation channel above the $1500 level.

We can see the formation of a bullish ascending channel from $1321 towards the $1542 level.

The immediate short-term outlook for Ether has turned mildly 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 $1588 which is a pivot point 1st resistance point and at $1618 which is a 3-10 day MACD oscillator stalls.

The weekly outlook is projected at $1700 with a consolidation zone of $1650.

Technical Indicators:

The relative strength index, RSI (14): is at 72.46 indicating a BUY

The moving average convergence divergence, MACD (12,26): is at 79.85 indicating a BUY

The ultimate oscillator: is at 60.41 indicating a BUY

The rate of price change, ROC: is at 22.11 indicating a BUY

LTCUSD: Three Outside Up Pattern Above $80.40

Litecoin was unable to sustain its bearish momentum last week and after touching a low of $80.40 on 11th Jan, the price started to move upwards against the US dollar crossing the $90 handle on 14th Jan.

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

We can clearly see a three outside up pattern above the $80.40 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 average and above its 200 hourly simple moving average. The price of LTCUSD is just below its pivot level of 84.46.

The relative strength index is at 59.95 indicating a STRONG demand for Litecoin and the continuation of the buying pressure in the markets.

The price of Litecoin continues to remain above most of the moving averages, which are now giving a BUY signal at current market levels of 83.19.

The STOCHRSI is giving an oversold market, which means that the price is expected to correct upwards in the short-term range.

We can see a bullish Harami pattern in the daily time frame.

The momentum indicator is back over zero in the 1-hour time frame indicating bullish trends.

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 $80.40 level
  • The commodity channel index is giving a NEUTRAL signal
  • The average true range is indicating HIGH market volatility

Litecoin: Bullish Reversal Seen Above $80.40

The price of Litecoin continues to move in a mildly bullish momentum against the US dollar having already crossed the $85 and $90 levels. We are now looking to breach the $95 level.

The Williams percent range Indicator is back over -50 in the 1-hour time frame indicating the bullish nature of the markets.

We can see the bullish trend reversal pattern with the moving average MA20 in the 30-minute time frame.

We have also detected the formation of a bullish Harami cross pattern in the daily timeframe.

The price of LTCUSD is now facing its classic resistance level of 86.52 and Fibonacci resistance level of 90.42 after which the path towards $95 will get cleared.

Litecoin touched an intraday low of $82.47 in the Asian trading session and an intraday high of $83.84 in the European trading session today.

Litecoin is now facing its resistance zone at $86.04 which is a 14-3 day raw stochastic at 80% and at $86.86 which is a 3-10-16 day MACD moving average stalls.

LTCUSD has decreased by 3.42% with a price change of 2.95$ in the past 24hrs and has a trading volume of 0.720 billion USD.

Litecoin’s trading volume has increased by 3.20% compared to yesterday which appears to be normal.

The Week Ahead

The price of Litecoin has been successful in clearing the $90 resistance and now the next potential upside is located at the $95 level.

The price of Litecoin has seen a downward correction after reaching the $90 level.

The price of Litecoin needs to remain above the important support level of $78.54 which is a 14-3 day raw stochastic at 50% and at $81.14 which is a pivot point 1st support point.

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

The weekly outlook is projected at $95 with a consolidation zone of $90.

Technical Indicators:

The relative strength index (14): is at 59.95 indicating a BUY

The average directional index (14): is at 50.69 indicating a BUY

The rate of price change: is at 12.37 indicating a BUY

Bull/bear power (13): is at 0.82 indicating a BUY



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