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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 203870, member: 29339"] [B][SIZE=5]ETHUSD and LTCUSD Technical Analysis – 20th JAN, 2022[/SIZE][/B] [img]https://i.postimg.cc/Jz5qkBxC/dc.jpg[/img] [B][SIZE=5]ETHUSD: Double Bottom Pattern Above $3,000[/SIZE][/B] Ethereum was unable to sustain its bullish momentum this week, and after touching a high of $3,409 on 12th January, started declining against the US dollar. ETHUSD touched an intraday low of $3,080 in the Asian trading session today, after which we can see some consolidation in its prices above the $3,000 handle. We can clearly see a double-bottom pattern above the $3,000 handle which is a bullish reversal pattern and signifies the end of a downtrend and a shift towards an uptrend. ETH is now trading just below its pivot levels of $3,131 and is moving in a consolidation channel. The price of ETHUSD is now testing its classic resistance levels of $3,138 and Fibonacci resistance level of $3,146, after which the path towards $3,300 will get cleared. The relative strength index is at 49, indicating a NEUTRAL market and a move towards the consolidation phase after the decline. We have detected an MA 20 crossover pattern above the $3,124 level which signifies a bullish trend reversal in the short-term. Some of the technical indicators are giving a BUY signal. ETH is now trading below the 100 hourly and 200 hourly simple moving averages. [LIST] [*] Ethereum consolidation is seen above the $3,000 mark [*] Short-term range appears to be NEUTRAL [*] Ultimate oscillator is indicating a NEUTRAL market [*] Average true range is indicating LESSER market volatility [/LIST] [B][SIZE=3]Ether Consolidation Channel Seen Above $3,000[/SIZE][/B] [img]https://i.postimg.cc/mrZSN2pz/eth.png[/img] ETHUSD continues to move into a consolidation channel above the $3l000 handle in the European trading session today. Most of investors are not entering the markets and are waiting for a bullish momentum. The commodity channel index is indicating a NEUTRAL market, and the overall sentiment is also neutral at these levels. We are also due for a major upwards correction in the ETHUSD which could manifest in the form of a rally taking its prices close to the $4,000 handle. We can see a mildly bullish channel in progression today which is expected to push the prices of ETHUSD towards the $3,300 level. ETH has gained 1.47% with a price change of 45.44$ in the past 24hrs, and has a trading volume of 11.474 billion USD. We can see a decrease of 16.90% in the total trading volume in the last 24 hrs., which appears to be normal. [B][SIZE=3]The Week Ahead[/SIZE][/B] Ethereum is now approaching its important support level of $3,000 which will decide whether we will see a bullish reversal in the markets. If the price of ETHUSD continues to remain above the $3,000 handle, as we can see today, it will signify a bullish reversal with an upside target of $3,300 to $3,500 in the next week. The immediate short-term outlook for Ether has turned NEUTRAL, the medium-term outlook is MILDLY BULLISH, and the long-term outlook for Ether is BULLISH with a RALLY formation towards $4,000. MACD has indicated a bullish crossover which is also giving a BUY signal at the current market levels. This week, we can expect to see $3,300 to $3,400, and in the next week Ether is expected to trade at levels above $3,500. [B][SIZE=3]Technical Indicators:[/SIZE][/B] Williams percent range: at -37.39 indicating a BUY Stoch (9,6): at 71.39 indicating a BUY Moving averages convergence divergence (12,26): at 1.75 indicating a BUY StochRSI (14): at 58.95 indicating a BUY [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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