Home Tools ETHUSD and LTCUSD Technical Analysis – 15th SEP, 2022

ETHUSD and LTCUSD Technical Analysis – 15th SEP, 2022

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ETHUSD: Hammer Pattern Above $1551

Ethereum was unable to sustain its bullish momentum and after touching a high of 1788 on 11th Sep the price started to decline against the US dollar. This decline was mainly attributed to the strength of the US dollar in the global markets and the subsequent increase in the market liquidity.

We can see a continued buying pressure since yesterday and the formation of a bullish price crossover pattern with moving averages MA20, MA50 and MA100 in the 15-minute time frame.

We can clearly see a hammer pattern above the $1551 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 1599 and moving in a strong bullish channel. The price of ETHUSD is now testing its classic resistance level of 1625 and Fibonacci resistance level of 1651 after which the path towards 1700 will get cleared.

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

We can see that the super trend indicator is giving a bullish reversal signal in the 15-minute time frame.

We have also detected a bullish harami cross pattern in the 1 -hour time frame.

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.

Most of the moving averages are giving a BUY signal and we are now looking at the levels of $1750 to $1900 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 $1551 mark
  • Short-term range appears to be strongly BULLISH
  • ETH continues to remain above the $1600 level
  • The average true range is indicating HIGH market volatility

Ether: Bullish Reversal Seen Above $1551

ETHUSD is now moving into a strongly bullish channel with the prices trading above the $1600 handle in the European trading session today.

ETH touched an intraday low of 1571 and an intraday high of 1651 in the European trading session today.

We have seen a bullish opening of the markets today indicating the underlying bullish nature of the markets.

We can see that MACD has crossed UP its moving average in the 4-hour time frame indicating the bullish tone, and now we are looking at the levels of 1800 to 2000 in the medium-term range.

The daily RSI is printing at 48 indicating a neutral demand in the long-term range.

The key support levels to watch are $1566 and $1501 and the prices of ETHUSD need to remain above these levels for the continuation of the bullish reversal in the markets.

ETH has increased by 1.40% with a price change of 22.33$ in the past 24hrs and has a trading volume of 24.474 billion USD.

We can see an increase of 5.50% in the total trading volume in the last 24 hrs which appears to be normal.

The Week Ahead

On the upside, the next visible targets are 1752 which is a 38.2% retracement from 4 week low, and 1690 which is a 50% retracement from 4 week high/low.

The prices of Ethereum are now testing its immediate resistance zone located at $1700 and we are likely to witness a rally in the prices once it touches these levels.

The immediate short-term outlook for Ether has turned strongly 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 $1500 this week.

The weekly outlook is projected at $1900 with a consolidation zone of $1700.

Technical Indicators:

The average directional change (14): is at 24.06 indicating a BUY

The moving averages convergence divergence (12,26): is at 0.48 indicating a BUY

The rate of price change: is at 2.61 indicating a BUY

The ultimate oscillator: is at 62.47 indicating a BUY

LTCUSD: Triple Bottom Pattern Above $58.13

Litecoin was unable to sustain its bullish momentum last week and after touching a high of $67.40 on 13th Sep started to decline against the US dollar coming down below the $60 handle today.

Litecoin is now moving in a narrow channel oscillating between the $58 and $61 levels which is indicative of a consolidation range in the short term.

We can clearly see a triple bottom pattern above the $58.13 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 below its 100 hourly simple moving averages and above its 200 hourly exponential moving averages. The price of LTCUSD is just below its pivot levels of 60.26.

The relative strength index is at 49 indicating a NEUTRAL market and the continuation of the consolidation phase in the markets.

Litecoin touched an intraday low of $58.32 in the Asian trading session and an intraday low of $60.81 in the European trading session today.

The price of Litecoin continues to remain above some of the moving averages, which are now giving a BUY signal at current market levels of 59.83

Both the STOCH and HIGH/LOWS (14) are indicating neutral levels, which means that the prices are expected to continue in a range-bound move 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 $58.13

We can see that the prices of Litecoin continue to remain in the mildly bullish phase and are trading above the $59 handle in the European trading session today.

We can see that the moving average MA20 and adaptive moving average AMA20 are giving a bullish reversal signal in the 30-minute time frame.

The aroon indicator is giving a bullish trend in the weekly time frame.

We can also see a bullish gap in the markets’ opening today which indicates the underlying bullish tone.

The price of LTCUSD is now facing its classic resistance level of 60.77 and Fibonacci resistance level of 61.31 after which the path towards $65 will get cleared.

The daily RSI is printing at 52 which is indicating a neutral demand for Litecoin and the continuation of the consolidation in the short-term range.

LTC has increased by 0.31% with a price change of 0.1776$ in the past 24hrs and has a trading volume of 0.667 billion USD.

Litecoin’s trading volume has decreased by 33.92% compared to yesterday which appears to be normal.

The Week Ahead

We can see the continuation of the consolidation phase in the markets today, which indicates that at present the markets are in a neutral phase, and we are now preparing for an upwards move towards the $65 to $70 range.

We are now looking at the important support levels of $58 and $55 in the short-term range.

The short-term outlook for Litecoin has turned mildly BULLISH, the medium-term outlook is NEUTRAL, and the long-term outlook is NEUTRAL at present market conditions.

The weekly outlook is projected at $66 with a consolidation zone of $62.

Technical Indicators:

The relative strength index (14): is at 49.63 indicating a NEUTRAL level

The average directional change (14): is at 24.95 indicating a BUY

The ultimate oscillator: is at 57.60 indicating a BUYThe commodity channel index (14): is at 60.61 indicating a BUY

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