20.06.21 Technical analysis of ETH / USD and LTC / USD – volumes dropped to a minimum, breakthrough in sight?
4 min readTable of Contents
After yesterday’s analysis for gold, where we showed how it all went wrong, today we will return to selected altcoins – Ethereum (ETH) and Litecoin (LTC). Unfortunately, the altcoins are not able to achieve anything, because even with the price expansion of BTC in the period from June 8 to 15, the alto were not able to make any shift.
From this it can be implied that the participants no longer trust the market too much and are waiting for BTC to break through any key level. However, as the headline shows, the volumes at ETH and LTC are clearly falling to an absolute minimum. The dynamics are naturally also terrible. Therefore, based on the above, we should soon see a return to dynamics. However, BTC has the main say in this regard.
Current situation at 1D TF LTC / USD
Let’s start with the Litecoin, where the market is basically still holding non-trend direction, so it goes to the side. Therefore, Litecoin in the so-called no trade area because the direction is not clear. Simply put, it’s good to wait to see where the market will go and only then come up with something. Respectively wait for a valid signal.
As I said at the beginning, Litecoin did not grow much during the growth of BTC. There was some evaluation, but it was nothing dizzying. If you don’t catch small waves on the intraday, then you probably don’t care much about such movements. Said growth stopped at the S / R level of 179 USD, where the exchange rate rolled down again. Since then, we have been slowly declining to 144.51 USD.
In fact, almost all of June, Litecoin stays in range specified levels. No difference, expected everywhere. As for the structure of the monitored coin, Litecoin generated an ordinary triangle, but unfortunately even with a break in the underside, the volumes did not start to grow. Logically, the dynamics did not return either, everything remained the same.
You volumes they are just the most important, because as soon as the dynamics begin to return, they will grow rapidly. Notice how bizarrely low they are in the context of recent months and still declining. If we were to build everything only on volumes, a strong movement should come every time. But nothing is happening yet. Even though we have a breakthrough from the monitored unit.
Indicators
The highest value of RSI is 46 points, currently the indicator shows 37.67 points – the market is simply weak. MACD looks better in the LTC market because there is a weaker positive momentum.
Current situation at 1D TF ETH / USD
ETH has also been advancing for a few weeks now non-trend movement, but instead of a triangle, it was better to draw an ordinary business zone. So you can say side channel. Like Litecoin, ETH did not boil during the growth of BTC. In fact, the price continued to fall. Thus, ETH was noticeably weaker than Litecoin, for example.
In terms of volumes, the same situation applies as in the previous market. Volumes are minimal and drop to almost lost. Everyone is just waiting for more movement to come. Based on volumes and current volatility, this market also indicates that it is calm before the storm. However, BTC still doesn’t look much for a breakthrough.
The levels apply as indicated. The first solid level is $ 1,965, then up to $ 1,372. The strongest S / R level ever is up to 391 USD. But even that $ 631.79 sounds like a very good opportunity.
Indicators
The RSI indicator is still in a poor state without any sign of greater inertia, which applies to both sides. For too long, the values have remained below 50 points, so the market is definitely not overflowing with force. The MACD is completely irrelevant, because the indicator curves zigzag like snakes.
In conclusion
Unfortunately, it’s already tiring, but you need to watch at least a little altcoin. At least through the altcoin index. It’s kind of obvious that until BTC makes any more technically significant move, we have to accept that even altcoins don’t move much. Which does not mean, however, that we do not have to monitor developments. On the contrary, it is good to be prepared. Then it will certainly be an opportunity.
ATTENTION: No data in the article is an investment board. Before you invest, do your own research and analysis, you always trade only at your own risk. Cryptheory team strongly recommends individual risk considerations!
