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ETHUSD and LTCUSD Technical Analysis – 18th AUG, 2022

ETHUSD and LTCUSD Technical Analysis – 18th AUG, 2022

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ETHUSD: Shooting Star Pattern below $2029

Ethereum failed to sustain its upward momentum, and after touching the 2029 peak on August 14, began to decline against the US dollar, falling below the $1,900 handle in the European trading session today.

We can see Ethereum price continue to decline due to heavy selling pressure as global inflation levels rise.

We can clearly see a shooting star below the $2029 handle, which is a bearish pattern and marks the end of an uptrend and the beginning of a downtrend in the market.

ETH is now trading slightly above its pivot level of 1842 and entering a strong downtrend channel. ETHUSD price is now testing its classic support level of 1827 and Fibonacci support level of 1838, after which the path towards 1700 will be clear.

The relative strength index is at 43, which indicates a weak market situation and the continuation of the market’s downward trend.

We can see the formation of a descending engulfing line on the 15-minute time frame, indicating the underlying bearish nature of the market.

Both STOCH and STOCHRSI indicate a neutral market, which means prices are expected to remain in the consolidation phase.

Most technical indicators give a strong sell market signal.

All the moving averages are giving a strong sell signal and we are now looking at the $1800-$1700 levels in the short term.

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

  • Ether: A bearish reversal is seen below the $2029 mark
  • The short-term range appears to be strongly FLASHING
  • ETH remains below the $1900 level
  • Average True Range indicates LESS market volatility

Ether: Bearish Reversal Seen Below $2029

ETHUSD is now entering a strong descending channel, with the price trading below the $1900 handle in European trading today.

ETH touched an intraday high of 1865 and an intraday low of 1821 in Asian trading today.

We see the adaptive moving average AMA20 and AMA50 bearish distribution pattern on the 2-hour time frame.

We have also observed a decreasing harami pattern formation on a weekly basis.

The commodity channel index indicates a neutral market level and the continuation of the market’s consolidation phase.

The key support levels to watch are $1800 and $1820 and ETHUSD prices need to hold above these levels for a possible bullish reversal in the market.

ETH is down 2.47% with a price change of $46 in the last 24 hours with a trading volume of $17.646 billion.

We can see a 0.58% increase in total trading volume in the last 24 hours, which seems normal.

The week ahead

We can see the continuous advance of the bearish trend line from 2029 towards the 1821 level.

Ethereum price is now testing its support zone located at $1800 and we are likely to see further price declines once it touches these levels.

The immediate short-term outlook for Ether has turned strongly bearish; the medium-term outlook has declined; and Ether’s long-term outlook is neutral in the current market situation.

ETHUSD price should remain above the important $1800 support level this week.

The weekly outlook is $1850 and the consolidation zone is $1800.

Technical indicators:

Relative strength index (14): at 43:31 which means SELL

Moving averages convergence divergence (12,26): -7.90, which means SALE

Rate of price change: -0.68 which means SELL

Final Oscillator: 37.67 which means SELL

LTCUSD: Double Top Pattern below $65

Litecoin failed to sustain its upward momentum last week, and after hitting a high of $65 on August 14, started to decline against the US dollar, falling below the $62 handle in the European trading session today.

We see that after touching the $65 level, Litecoin prices corrected lower due to selling by short-term investors as it touched a low of $59 on August 17th.

We clearly see a double top pattern below the $65 handle, which is a bearish pattern and marks the end of an uptrend and the beginning of a downtrend in the market.

Litecoin is now trading below the 100 hourly simple moving average and above the 100 hourly exponential moving average. The price of LTCUSD is slightly above its pivot level of 60.70.

The relative strength index is 46, which indicates a neutral market and the continuation of the market’s consolidation phase.

Litecoin hit an intraday high of $61 and an intraday low of $59 in Asian trading today.

Litecoin price continues to remain below most moving averages, some of which are now giving a sell signal at the current market level of 60.95.

Both the highs/lows and the commodity channel index indicate a neutral level, which means that the price is expected to remain in a narrow range in the short term.

Litecoin’s short-term outlook has turned slightly bearish.

  • Most technical indicators give a sell signal
  • Litecoin: A bearish reversal is seen below the $65 level
  • Litecoin has a bearish bias against the US dollar
  • Average True Range indicates LESS market volatility

Litecoin: Bearish Reversal Seen Below $65

We see that the price of Litecoin remains in the consolidation phase and is now trading below the $61 handle in European trading today.

We can see the formation of a descending doji constellation on the 30-minute time frame, indicating the underlying bullish nature of the market.

The price of LTCUSD is now at its classic support level at 59.83 and the Fibonacci support level at 60.50, after which the path towards $55 will clear.

We have also observed that the momentum indicator is giving bearish divergence signals in the 30 minute time frame.

The daily RSI is 52, indicating neutral demand for Litecoin and continued consolidation in the short term.

LTC is down 1.77% with a price change of $1.10 in the last 24 hours with a trading volume of 0.410 billion USD.

Litecoin trading volume is down 21.26% compared to yesterday, which seems normal.

The week ahead

We can see a continued advance of the downtrend line from the $65 to $59 level. After touching the $59 handle, Litecoin price is expected to drop further towards $55.

We are now looking at important support levels of $50 and $55 in the short term.

Litecoin’s short-term outlook has turned slightly bearish; the medium-term outlook is neutral; and the long-term outlook is neutral in the current market situation.

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

Technical indicators:

STOCH (9.6): at 25:85 which means SELL

STOCHRSI (14): at 31:24 indicating SALE

Rate of price change: at -1.31, which means SELL

Bull/Bear Power (13): -1.49 which means SELL

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