ETHUSD and LTCUSD Technical Analysis – 25th AUG, 2022
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ETHUSD: Bullish Harami Pattern above $1523
Ethereum was unable to sustain its downward momentum and after touching a low of 1529 on August 20, started to correct upwards, crossing the $1700 handle in European trading today.
We can see Ethereum prices continue to rise as medium-term investors have been buying at lower levels.
We clearly see a bullish harami pattern above the $1523 handle, which is a bullish pattern and marks the end of the bearish phase and the beginning of the bullish phase in the market.
ETH is now trading below its pivot level of 1709 and moving into a strong bullish channel. ETHUSD price is now testing its classic resistance level at 1713 and Fibonacci resistance level at 1718, after which the path towards 1800 will be clear.
The relative strength index is at 63, which indicates strong demand for Ether and the continuation of the upward trend in the market.
We can see that the adaptive moving average, the AMA100, is showing an uptrend reversal on both the 2-hour and 4-hour time frames.
Williams percent volatility indicates an OVERBUUGH market, which means prices are expected to correct downwards in the short term.
Most technical indicators give a STRONG BUY market signal.
All the moving averages are giving a STRONG BUY signal and we are now looking at the $1800-$1900 levels in the short-term range.
ETH is now trading above the 100 hourly simple and exponential moving averages.
- Ether: A bullish reversal seen above the $1523 mark
- The short-term range appears strongly BULLISH
- ETH is still holding above the $1600 level
- Average True Range indicates LESS market volatility
Ether: Bullish reversal seen above $1523
ETHUSD is now entering a strong bullish channel, with prices trading above the $1600 handle in European trading today.
ETH reached an intraday low of 1652 in the Asian trading session and an intraday high of 1715 in the European trading session.
We have seen a bullish opening at the market gap, indicating that we are now heading towards the $1800 mark.
The daily RSI is 50, which means neutral demand in the long term.
Ethereum continues to move in an ascending trend channel, which is expected to continue in the medium term.
The key support levels to watch are $1600 and $1660, and the price of ETHUSD needs to stay above these levels for the bullish reversal in the market to continue.
ETH is up 3.91% with a price change of $64 in the last 24 hours with a trading volume of $16.144 billion.
We can see a 10.39% decrease in total trading volume in the last 24 hours, which seems normal.
The week ahead
We can see the continuous advance of the rising trend line from 1523 towards the 1762 level.
Ethereum price is now testing its resistance zone located at $1800 and we are likely to witness a price rally once it touches these levels.
The immediate short-term outlook for Ether has turned strongly to FAIR, the medium-term outlook to NEUTRAL and the long-term outlook for Ether is NEUTRAL in the current market situation.
ETHUSD prices should remain above the important $1600 support level this week.
The weekly outlook is $1950 and the consolidation zone is $1800.
Relative strength index (14): 62.26 which means BUY
Moving averages convergence divergence (12,26): at 15:03 indicating BUY
Rate of price change: at 1:03 which means BUY
Final Oscillator: 60.70 which means BUY
LTCUSD: Bullish Hammer Pattern above $52
Litecoin was unable to sustain its downward momentum last week, and after touching a low of $52 on August 22, started to correct upwards against the US dollar, surpassing the $56 handle in European trading today.
We can see weekly swings forming at the $65 upper band and the $52 lower band.
We can clearly see a bullish hammer pattern above the $52 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 below the 100 hourly simple moving average and above the 100 hourly exponential moving average. The price of LTCUSD is slightly below its pivot level of 56.87.
The relative strength index is 49, which indicates a NEUTRAL market and the continuation of the consolidation phase in the market.
Litecoin hit an intraday low of $55.93 in Asian trading and an intraday high of $57.48 in European trading.
Litecoin price continues to remain below most moving averages, some of which are now giving a SELL signal at the current market level of 56.78.
Both the highs/lows and the commodity channel index are showing neutral levels, which means that prices are expected to remain in a narrow range in the short term.
Litecoin’s short-term outlook has turned mildly BULLISH.
- Some technical indicators give a BUY signal
- Litecoin: A bullish reversal is seen above the $52 level
- Litecoin gains bullish momentum against the US dollar
- Average True Range indicates LESS market volatility
Litecoin: Upward reversal above $52
We see that Litecoin prices remain in the consolidation phase and are now trading above the $56 handle in European trading today.
We can see the formation of a bullish harami cross pattern on the 15-minute time frame, indicating the underlying bullish nature of the market.
The price of LTCUSD now meets its classic resistance at 57.62 and Fibonacci resistance at 58.24, after which the path towards $60 is cleared.
We have also found that the adaptive moving average AMA20 gives a bullish trend reversal signal on the 4-hour time frame.
The daily RSI is 45, indicating neutral demand for Litecoin and continued consolidation in the short term.
LTC is up 0.67% with a price change of $0.38 in the last 24 hours with a trading volume of $0.439 billion.
Litecoin trading volume is down 11.89% compared to yesterday, which seems normal.
The week ahead
We can see a continued advance of the uptrend line from $52.29 to the $59.64 level. After touching the $59 handle, further gains towards $65 are expected in the price of Litecoin.
We are now looking at important support levels at $52 and $56 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 $58.
STOCH (9.6): at 67.00 which means BUY
Average change of direction (14): at 22:20 indicating BUY
Final Oscillator: 52.43 which means BUYBull/Bear Power (13): 0.796 which means BUY
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