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ETHUSD and LTCUSD Technical Analysis – 01st SEP, 2022

ETHUSD and LTCUSD Technical Analysis – 01st SEP, 2022

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ETHUSD: Bearish Engulfing Pattern below $1721

Ethereum was unable to sustain its upward momentum, and after reaching a peak of 1721 on August 25th, it began to decline against the US dollar, falling below the $1500 handle on August 29th.

We are seeing strong selling pressure in Ethereum, which is why it continued to fall, touching a low of $1424.

We can clearly see a bearish engulfing pattern below the $1721 handle, which is a bearish pattern and marks the end of the bullish phase and the beginning of the bearish phase in the market.

ETH is now trading slightly above its pivot level of 1541 and is entering a strong downtrend channel. ETHUSD price is now testing its classical support level at 1522 and Fibonacci support level at 1536, after which the path towards 1500 will be clear.

The relative strength index is 40, which indicates WEAK demand for Ether and the continuation of the downtrend in the market.

We see an adaptive moving average bearish breakout pattern on the AMA20 and AMA50, indicating a bearish trend reversal on the 30-minute time frame.

Both the STOCHRSI and Williams percentage swings indicate an OVERSOLD market, meaning prices are expected to correct upwards in the short term.

Most technical indicators give a STRONG SELL market signal.

Most of the moving averages are giving a STRONG SELL signal and we are now looking at the $1450-$1500 levels in the short term.

ETH is now trading above both the 200 hourly simple and exponential moving averages.

  • Ether: bearish reversal seen below the $1721 mark
  • The short-term range appears to be strongly FLASHING
  • ETH remains below the $1600 level
  • Average True Range indicates LESS market volatility

Ether: Bearish Reversal Seen Below $1721

ETHUSD is now entering a strong descending channel as the price trades below the $1600 handle in European trading today.

ETH hit an intraday low of 1534 and an intraday high of 1583 in Asian trading today. Movements remain in the range between $1500 and $1600.

The MACD has crossed its moving average on the 4-hour time frame, indicating the bearish nature of the market.

We can see the formation of a bearish harami pattern on the 30-minute time frame, indicating that we are now heading towards the $1500 mark.

The daily RSI is 45, which means neutral demand in the long term.

Ethereum is moving into a further downtrend channel, which is expected to continue in the short term.

The key support levels to watch are $1400 and $1420 and ETHUSD prices need to hold above these levels for a possible bullish reversal in the market.

ETH is down 1.56% with a price change of $24 in the last 24 hours with a trading volume of $17.680 billion.

We can see a 24.09% decrease in total trading volume in the last 24 hours, which seems normal.

The week ahead

We can see the formation of a descending trend line continuing to advance from 1721 towards the 1459 level.

Ethereum price is now testing its support zone located at $1400 and we are likely to witness a price rally once it touches these levels.

Ether’s immediate short-term outlook has changed to strongly BEARING, medium-term outlook to NEUTRAL, and Ether’s long-term outlook is NEUTRAL in the current market situation.

ETHUSD prices should remain above the important $1400 support level this week.

The weekly outlook is $1500 and the consolidation zone is $1400.

Technical indicators:

Relative strength index (14): 40.90 which means SALE

Moving averages convergence divergence (12,26): at -5:39, which means SALE

Rate of price change: at -2:28, which means SELL

Final Oscillator: at 47:37 which means SELL

LTCUSD: Bullish Hammer Pattern above $51.70

Litecoin was unable to sustain its downward momentum last week and, after touching a low of $51.69 on August 27, started to correct upwards against the US dollar, surpassing the $55 handle in European trading today.

Litecoin’s movements continue to remain in a narrow range between $52 and $60.

We clearly see a bullish hammer pattern above the $51.70 handle, which is a bullish pattern and marks the end of a bearish phase and the beginning of a bullish phase in the market.

Litecoin is now trading above the 100-hour simple moving average and above the 100-hour exponential moving average. The price of LTCUSD is slightly above its pivot level of 55.28

The relative strength index is at 61, which indicates a STRONG market and the continuation of the market’s upward trend.

Litecoin hit an intraday low of $53.19 in Asian trading and an intraday high of $56.06 in European trading.

Litecoin price continues to remain above all moving averages, which now give a STRONG BUY signal at the current market level of 55.66.

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

Litecoin’s short-term outlook has turned mildly BULLISH.

  • All technical indicators give a BUY signal
  • Litecoin: A bullish reversal is seen above the $51.70 level
  • Litecoin gains bullish momentum against the US dollar
  • Average True Range indicates HIGH market volatility

Litecoin: Bullish reversal above $51.70

We can see that Litecoin price continues a mild uptrend and is trading above the $55 handle in European trading today.

We see that the parabolic SAR indicator is giving a bullish reversal signal in the 30 minutes.

Both moving averages MA20 and MA100 indicate a reversal of the uptrend in the 30-minute timeframe.

The Ichimoku price is in the cloud on both the 2-hour and 4-hour time frames, indicating the underlying bullish nature of the market.

We can also see the formation of ascending engulfing lines on a weekly basis.

The price of LTCUSD now meets its classic resistance at 56.07 and Fibonacci resistance at 56.47, after which the path towards $60 is cleared.

The daily RSI is 47, indicating neutral demand for Litecoin and continued consolidation in the short term.

LTC is up 1.50% with a price change of $2.78 in the last 24 hours with a trading volume of $0.468 billion.

Litecoin trading volume is down 6.52% compared to yesterday, which seems normal.

The week ahead

We can see a continued advance of the uptrend line from $51.70 to the $56.36 level. After touching the $57 handle, Litecoin prices are expected to rise further towards $60-65.

We are now looking at important support levels at $53 and $55 in the short term.

The short-term outlook for Litecoin has changed slightly to TARGET, the medium-term outlook is NEUTRAL and the long-term outlook is NEUTRAL in the current market conditions.

The weekly outlook is $60 and the consolidation zone is $55.

Technical indicators:

Relative strength index (14): is 61.79 which means BUY

Average change of direction (14): is 21.02, which means BUY

Final Oscillator: is 56.56 which means BUY

Rate of price change: is 1.647 which means BUY

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