VincePrince

Litecoin, Moving In Steady Range, Possible Triangle Forming!

KRAKEN:LTCUSD   Litecoin / U.S. Dollar
Hello Traders Investors And Community, welcome to this analysis where we are looking at the recent events, the current price-structure, and what we can expect from LTCUSD the next hours and days. As the major cryptocurrency market experienced decline which pushed the price below important support zones it showed a recovery from that level now, as the breakdown was not that strong that it was possible to push lower and as the downtrend looks weaker than strong there is the big question if this was all bearish pressure and we can stabilize in the range to form a reversal and move higher or if the weak downtrend moves on to push the price some more before stabilization occurs, litecoin is a good example for this mechanism as the trend which pushed it below support looks really not strong and the immediate bullish reaction occurred I found some other interesting signals which can determine the further price-action sustainable.

As you can examine when looking at my chart is that LTCUSD is moving in a narrower getting range which is forming a lower and upper boundary that is marked with the blue trend lines in my chart, this range can establish and develop as a possible descending triangle formation as the overall structure fits into this pattern. Currently, LTCUSD is trading below the EMA-structure you can watch in my chart which is the 100-, 200- and the 500-EMA this shows that LTCUSD is in a downtrend here but as this downtrend is really weak with lots of support in the structure it can show a possible successful reversal to the upside . Which is playing into the theory is the fact that LTCUSD is just about to confirm its overall wave count to the downside were the final wave E currently establishes, this end of wave E is matching with the support zone between 38.2 and 38.8 you can see in my chart and is building a coherent support-cluster in this area.

Overall we can expect litecoin to move higher when the descending triangle formation confirms properly in the schedule which will be activated when price closes with good volatility above the upper boundary and stays there to either test the upper boundary a second time or move higher to test the EMA structure. Although the confirmation scenario is at the moment the higher possible one this can be invalidated when the price pushes below the 38.2 and 38.8 level which can show a continuation of the downtrend but as this downtrend is rather weak this is at the moment not given within the high possible spectrum. It is important to note that we should do not get overly bearish for now as the most cryptocurrencies are still not in a confirmed strong downtrend, therefore, it is important to keep a calm mind and wage possible possibilities and opportunities with a sincere approach to succeed and take the right measures in fate of the market.

In this manner, thank you for watching, support for more market insight, have a great day and all the best my friends! ;)
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Information provided is only educational and should not be used to take action in the markets.
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Comments

I think we are going to see a crazy upwards move soon like we all saw in 2017
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Post your comments, questions, and ideas about LITECOIN here.
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