ETHUSD and LTCUSD Technical Analysis – 20th OCT, 2022

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ETHUSD: Bullish Harami Pattern Above $1263

Ethereum was unable to sustain its bearish momentum and after touching a low of 1205 on 13th Oct, the price started to correct upwards against the US dollar. The price of Ethereum touched a high of 1342 on 14th Oct after which we can see a shift towards the consolidation phase in the markets.

We have seen a bullish opening of the markets which indicates the present bullish trend.

We can clearly see a bullish harami pattern above the $1263 handle which 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 1291 and moving into a mildly bullish channel. The price of ETHUSD is now testing its classic resistance level of 1294 and Fibonacci resistance level of 1296 after which the path towards 1300 will get cleared.

The relative strength index is at 47 indicating a neutral demand for Ether and a shift towards consolidation phase in the markets.

We can see that the Williams percent range is back over -50 indicating the bullish tone present in the markets.

The STOCHRSI is indicating an overbought market, which means that the price is expected to decline in the short-term range.

Some of the technical indicators are giving a STRONG BUY market signal.

Some of the moving averages are giving a BUY signal and we are now looking at the levels of $1350 to $1400 in the short-term range.

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

  • Ether: bullish reversal seen above the $1263 mark
  • Short-term range appears to be mildly bullish
  • ETH continues to remain above the $1200 level
  • The average true range is indicating LESS market volatility

Ether: Bullish Reversal Seen Above $1263

ETHUSD is now moving into a mildly bullish channel with the price trading above the $1200 handle in the European trading session today.

ETH touched an intraday low of 1271 in the Asian trading session and an intraday high of 1294 in the European trading session today.

We can see the formation of a bullish harami pattern in the weekly time frame.

The commodity channel index is indicating a neutral level and fresh upsides are expected in the markets towards the 1300 handle.

Ethereum’s price continues to move into a bullish zone against the US dollar and is expected to move above the $1300 levels.

The daily RSI is printing at 43 indicating a weak demand in the long-term range.

The key support levels to watch are $1232 and $1251, and the price of ETHUSD needs to remain above these levels for the continuation of the bullish reversal in the markets.

ETH has decreased by 0.40% with a price change of 5.16$ in the past 24hrs and has a trading volume of 8.465 billion USD.

We can see a decrease of 15.87% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

The price of Ethereum continues to remain well supported above the $1200 level, and has now started to move higher aiming at the $1300 level.

We can see the formation of a major bullish trend line in place from $1263 towards $1359 levels.

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

The price of ETHUSD will need to remain above the important support level of $1273 which is a 38.2% retracement from 4-week low.

The weekly outlook is projected at $1400 with a consolidation zone of $1375.

Technical Indicators:

The average directional index ADX (14): is at 35.00 indicating a BUY

The ultimate oscillator: is at 69.59 indicating a BUY

Bull/bear power (13): is at 3.83 indicating a BUY

The commodity channel index (14): is at 59.91 indicating a BUY

LTCUSD: Bullish Harami Pattern Above $48.33

Litecoin was unable to sustain its bearish momentum last week and after touching a low of 48.71 on 13th Oct, the price started to bounce upwards against the US dollar crossing the $51.00 handle in the European trading session today.

We have seen a bullish opening in the markets indicating the present bullish trend.

We can clearly see a bullish harami pattern above the $48.33 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 below its 200 hourly exponential moving average. The price of LTCUSD is just above its pivot level of 51.54.

The relative strength index is at 53 indicating a NEUTRAL demand for Litecoin and the continuation of the consolidation phase in the markets.

Litecoin touched an intraday low of $50.56 in the Asian trading session and an intraday high of $51.77 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 current market levels of 51.56

The STOCHRSI is indicating an overbought level, which means that the price is expected to decline in the short-term range.

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

  • All of the technical indicators are giving a strong buy signal
  • Litecoin: bullish reversal seen above the $48.33 level
  • Litecoin gets a bullish bias against the US dollar
  • The average true range is indicating LESS market volatility

Litecoin: Bullish Reversal Seen Above $48.33

We can see that the price of Litecoin is moving in a narrow range this week and preparing for an upstage recovery towards the $55 levels.

We can see that the price is back over the pivot point indicating the bullish tone of the markets.

We have seen that the MACD has crossed UP its moving average in the daily timeframe, which is a bullish signal.

We have also detected a bullish price crossover pattern with MA20 in the 4-hour time frame.

The price of LTCUSD is now facing its classic resistance level of 51.67 and Fibonacci resistance level of 51.78 after which the path towards $55 will get cleared.

The daily RSI is printing at 45 which is indicating a neutral demand for Litecoin and the continuation of the consolidation phase in the short-term range.

LTC has increased by 0.38% with a price change of 0.1976$ in the past 24hrs and has a trading volume of 0.280 billion USD.

Litecoin’s trading volume has decreased by 6.37% compared to yesterday which appears to be normal.

The Week Ahead

The price of Litecoin is ranging between the $50 and $53 levels this week. The upside potential is limited towards the $55 to $60 range after which we can see some downwards correction in the markets.

We can see the formation of a bullish trendline in place from the $48.33 levels towards the $52.09 level.

The momentum indicator is back over zero in the 4-hour time frame indicating a bullish trend.

The immediate target is $55.72 which is a 38.2% retracement from a 13-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 $58 with a consolidation zone of $56.

Technical Indicators:

The MACD (12,26): is at 0.011 indicating a BUY

The average directional index ADX (14): is at 31.71 indicating a BUY

The ultimate oscillator: is at 64.38 indicating a BUY

The rate of price change: is at 0.291 indicating a BUY



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