Litecoin, Since Breakout Established, Possible Continuation!

Hi my friends,

Welcome to this analysis about Litecoin, we are looking at the 2-hour timeframe perspective. The major descending-triangle-formation I mentioned previously now fully validated and Litecoin showed up with a strong breakout above the upper-boundary activating upside targets, now Litecoin reached resistance and is likely to show correctional moves the next times which can be crucial as Litecoin needs to bounce properly within the structure, therefore I detected all the important levels and likely outcomes we should consider here.

As when looking at my chart we can watch there how Litecoin currently mingles in the range and does not manage to move higher from the current point which is also matching with the ending of wave A, therefore we can expect the further supply to enter next times and a pullback to develop, this pullback will move on till there is support found where Litecoin can stabilize, complete the wave B and move on further with the established wave-count, this support will be within the back-up-cluster marked in blue in my chart where several supports coming together consisting of the Fibonaccis, the 300- and 400-EMA as well as the horizontal support lying there, overall increasing the possibilities for a solid bounce within this cluster from where on Litecoin has the abilities to move on further with the wave-count and confirm the origin of the wave C which will move higher. When wave C emerges it will be crucial because it will run directly into the strong resistance lying above marked in my chart in red, when Litecoin reaches this zone a pullback is highly likely and should be considered as the wave-count also completes within there.

For now we should keep patient and wait for the proper confirmation within the suggested cluster and the upcoming movements ahead, for now, it should be noted that the bullish pace Litecoin developed holds firstly true only on the short-term as there are still strong resistances lying above and especially also on the higher timeframe perspectives, this is why the bearish side should not be underestimated here, it will be important that Litecoin really manages to bounce within the cluster otherwise bearish pressure will increase below.

In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
"The high destiny of the market is to explicate rather than to speculate."

Information provided is only educational and should not be used to take action in the markets.