Litecoin, Developments In Descending-Channel, Important Zones!

Hello,

Welcome to this analysis about Litecoin, we are looking at the 3-hour timeframe perspectives. As I discovered recently Litecoin is in a structure where volatilities can be expected and similar to the other cryptocurrencies is in a phase in which it needs to determine a followed trend-decision. Compared to other cryptocurrencies Litecoin has an increased higher possibility to show up with a bullish breakout as it is holding above the important levels of 126 and building the formation also above this structure. These divergences in relation to other cryptocurrencies are important as it is necessary to consider them individually for a potential arbitrage and determined decision in the market.

Structural Developments:
As when looking at my chart now we can watch there how Litecoin has formed this descending-channel-formation in the structure with the coherent wave-count within and the waves A to C almost already completed. Recently the wave C moved into the lower boundary which is still important support here and therefore Litecoin has an increased possibility to bounce and determine further. also necessary to consider here is that Litecoin has built this whole structure above the 126 to 128 level which is meaningful support as Litecoin already showed up with several bullish alignments in or above this zone.

Upcoming Determinations:
Taking all these factors into the consideration now Litecoin has formed the main structure with this descending-channel-formation on which it can build up. The next time we can expect wave D to continue in the schedule and approach this upper resistance-cluster marked in red in my chart where several resistances coming together and therefore has a greater likelihood to be the origin of the wave E to the downside as pullbacks will follow very highly likely. When such pullbacks establish and Litecoin determines the wave E as expected, Litecoin will continue and test the lower levels of support marked by the considerable back-up-cluster in blue, when Litecoin manages a proper bounce in this zone it can lead to an upside-channel-breakout when Litecoin increases with stabilization further.

Therefore, thank you for watching my analysis about LITECOIN and the developed descending-channel-formation with the wave-count determining upcoming perspectives, will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!
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Information provided is only educational and should not be used to take action in the markets.