Welcome to this analysis where we are looking at LTCUSD 1-hour timeframe perspective, the recent events, the current formational structure, what we can expect the next times and how possible sudden outcomes can look like. Litecoin compared to other cryptocurrencies is currently one of the weaker pairs as many others making higher highs while LTCUSD is making lower highs, this difference is really really important to note as the divergence between the cryptocurrencies is growing and it is not more like back in 2017 where just everything showed high in the same direction, therefore we should also approach the individual cryptocurrencies differently to at the end have the right trading-system which is looking on the divergences. In this case, I detected the important levels and possible outcomes we should consider for litecoin currently.
Looking at my chart you can watch litecoin has built this lower-high trendline which is also resistance marked in red, also litecoin now tested several times the 194 days old trendline marked in the chart with the blue dashed , this is a highly meaningful trendline here as when it is broken to the downside this will cause heavy bearishness also the more litecoin tests this trendline the weaker it gets and the higher the possibility for a complete breakout to the downside increases. Currently, this is also an outcome which should be considered here as litecoin showing really signs at the moment, the only thing which can invalidate it is when litecoin moves above the red lower-high trendline and closes here however this is at the moment not the highest possible as the breakdowns is at the end of the day more likely. Considering this we need to take note that this is litecoin which showing these signs, compared to ethereum or bitcoin it is a very different picture and we should see this as the individual coin and not the whole market.
In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
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Information provided is only educational and should not be used to take action in the markets.