ETHUSD and LTCUSD Technical Analysis

ETHUSD: Hammer Pattern Above $1220

Ethereum was unable to sustain its bullish momentum and after touching a high of 1393 on 21st Sep the prices started to decline against the US dollar. The prices of Ethereum touched a low of 1220 on 22nd Sep after which we can see a bounce upwards.

We can see a continued buying pressure today and we can see the formation of a bullish harami cross pattern in the 15-minutes time frame.

We can clearly see a hammer pattern above the $1220 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 above its pivot level of 1288 and is moving into a strong bullish channel. The price of ETHUSD is now testing its classic resistance level of 1298 and Fibonacci resistance level of 1308 after which the path towards 1400 will get cleared.

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

We can see that the adaptive moving average AMA50 and MA50 both are giving a bullish trend reversal signal in the markets.

The STOCHRSI is 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.

Some of the moving averages are giving a BUY signal and we are now looking at the levels of $1400 to $1500 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 $1220 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 $1220

ETHUSD is now moving into a mildly bullish channel with the prices trading above the $1250 handle in the European trading session today.

ETH touched an intraday low of 1220 in the Asian trading session and an intraday high of 1297 in the European trading session today.

We have seen that the prices are near support of the channel indicating a bullish scenario.

The moving average MA100 is also indicating the bullish tone in the daily timeframe and now we are looking at the levels of 1500 to 1600 in the medium-term range.

The daily RSI is printing at 35 indicating a neutral demand in the long-term range.

The key support levels to watch are $1200 and $1258, and the prices of ETHUSD need to remain above these levels for the continuation of the bullish reversal in the markets.

ETH has decreased by 3.54% with a price change of 47.38$ in the past 24hrs and has a trading volume of 22.404 billion USD.

We can see an increase of 61.35% in the total trading volume in the last 24 hrs which is due to the heavy buying seen at lower levels by the medium-term investors.

The Week Ahead

The prices have been ranging into an oversold zone from last week and an upwards correction is expected. We are now looking for a sharp rally into the markets towards the $1600 levels.

The recent fall in the levels of Ethereum is attributed to the Federal Reserve which hiked the key interest rates for the third time this year.

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 in present market conditions.

The prices of ETHUSD will need to remain above the important support level of $1200 this week.

The weekly outlook is projected at $1500 with a consolidation zone of $1400.

Technical Indicators:

The average directional change (14): is at 16.88 indicating a NEUTRAL level

The Williams percent range: is at -36.05 indicating a BUY

The bull/bear power (13): is at 12.62 indicating a BUY

The ultimate oscillator: is at 52.57 indicating a BUY

LTCUSD: Bullish Engulfing Pattern Above $49.99

Litecoin was unable to sustain its bullish momentum last week and after touching a high of $58.41 on 17th Sep started to decline against the US dollar touching a low of $50.26 on 19th Sep.

The price of Litecoin has started to bounce from its lows and we can see the formation of an ascending channel pattern in the 30-minute time frame.

We can clearly see a bullish engulfing pattern above the $49.99 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 exponential moving averages. The price of LTCUSD is just below its pivot level of 53.18.

The relative strength index is at 56 indicating a STRONG demand and the continuation of the uptrend in the markets.

Litecoin touched an intraday low of $50.24 in the Asian trading session and an intraday high of $53.64 in the European trading session today.

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 53.02

Both the STOCHRSI and Williams percent range are indicating overbought levels, which means that the prices are expected to decline 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 $58.13 level
Litecoin gains bullish bias against the US dollar
The average true range is indicating LESS market volatility

Litecoin: Bullish Reversal Seen Above $49.99

We can see that the price of Litecoin continues to remain in the mildly bullish correction phase and is trading above the $53 handle in the European trading session today.

We can see that the moving average MA20 and the adaptive moving average AMA50 are giving a bullish reversal signal in the 2-hour time frame.

The aroon Indicator is giving a bullish trend in the 1-hour time frame.

We can also see that the prices are trading above the pivot point which is a bullish signal.

The ichimoku price is over the cloud in the 30-minute time frame indicating the bullish tone of the markets.

The price of LTCUSD is now facing its classic resistance level of 53.54 and Fibonacci resistance level of 53.82 after which the path towards $55 will get cleared.

The daily RSI is printing at 42 which is indicating a weak demand for Litecoin and the continuation of the consolidation in the short-term range.

LTC has increased by 2.16% with a price change of 1.13$ in the past 24hrs and has a trading volume of 0.679 billion USD.

Litecoin’s trading volume has increased by 25.39% compared to yesterday which appears to be normal.

The Week Ahead

We can see a continuation of the uptrend in the markets today, and now we are looking for the next stage recovery towards the $55 and $60 levels.

The prices are also forming an AB=CD pattern which indicates the bullish reversal of the markets and the ranged movement towards the $55 levels.

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 $60 with a consolidation zone of $58.

Technical Indicators:

The relative strength index (14): is at 56.90 indicating a BUY

The average directional change (14): is at 32.75 indicating a BUY

The ultimate oscillator: is at 50.83 indicating a NEUTRAL level

The commodity channel index (14): is at 138.63 indicating a BUY