Welcome to this update-analysis about Litecoin and the recent events, the current formational structure and what we can expect the upcoming times. As previously mentioned Litecoin had strong resistance above within the upper-boundary which now fully confirmed and showed up with these heavy declines, if you did not watch this analysis already I highly recommend it to watch to have a full-depth-overview, now as these declines showed up I detected some important other signs necessary to consider here, therefore, we are looking at the significant levels and likely upcoming perspectives within the established structure and the upcoming movements.
As when looking at my chart we can watch there how Litecoin currently tests the middle-line of the huge ascending-channel-formation where a bounce can likely occur as Litecoin has found some marginal support here, this bounce will move on till the next major resistance which Litecoin has within the next possible short-entry marked in red in my chart which can be the origin of increased bearishness to the downside when Litecoin pulls back bearishly in this zone, when such price-action will show up here Litecoin will move on with the pressure and visit lower levels where a back-up and stabilization can be considered, in this case, the back-up-cluster marked in blue I mentioned in the previous analysis is still active and is a meaningful reference-point to hold and bounce because when this does not happen and Litecoin falls below the cluster this can possibly invalidate bullishness and Litecoin will move on with the pace.
In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"Prospect is the ingredient of good fortune."
Information provided is only educational and should not be used to take action in the markets.
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