ETH
Ethereum has finally breached the upper trend line in the descending triangle pattern we having been having for the past three months. Like I said previously in the last update I did on Ethereum, I said if Bitcoin starts bouncing, there is a very high chance that Ethereum's price will follow.
The price is floating around 881 right now, and for a confirmation of a bullish trend for Ethereum would be for it to break above 1000, a major area of resistance.
If we also see a crossover of the 100 EMA above the 200 EMA that is also a bullish signal. The RSI on the 4 Hour isn't oversold just yet and from the looks of it 1000 looks like that area where it should be oversold.
Ethereum's job for now is to stay above 800, since it is the next key support level. Breaking below 800 would not be ideal, as we would be back in the wedge formation and there would still be the possibility of hitting E.
LTC
Litecoin hasn't really been in either the upside or downside these past few days. The price has been consolidating above the 210 support area at 222.
I do like the fact that we are developing support at this area though, since we are still above the 100/200 EMA lines which is bullish and usually when consolidation like this occurs it then follows a bounce.
We are also not oversold on the RSI yet, we are right in the middle of the RSI trend. If a bounce does occur, there is a high possibility of the price hitting highs of 240-250, and at that price I am expecting a pullback.
As for right now, Litecoin is looking good, especially since there is an influx of buyers at this 210 area.
Conclusion: I am short-term bullish on both Ethereum and Litecoin. Both are holding up well, and if we see Bitcoin hitting 12000 in the next few days we should see both coins follow, and hit or break through their next resistance levels.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
Excellent analysis, I like your blog a lot!!!
Thank you! Comments like this motivate me to continue to make these posts!
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