Welcome to this analysis about Litecoin, we are looking at the 2-hour timeframe perspective, the recent events, the established formational structure, and what we can expect within the upcoming times. For now it is important to note that Litecoin certainly managed to form some up moves in the structure above meaningful resistances however it did not manage to hold these levels sustainably and moved below them to show up with initial bearishness that should not be underestimated here, in this case, I discovered a major formation Litecoin is forming that will be worthwhile in the next developments ahead, therefore we are looking at all the important levels and likely outcomes we should consider here.
As when looking at my chart we can watch there how Litecoin is now forming this massive ascending-channel-formation marked in my chart in blue and within this channel, Litecoin already completed the coherent wave-count within the schedule as it is marked in my chart in red. Recently Litecoin marked below the 65-EMA marked in black in my chart which is a very important reference here and the fact that Litecoin below gives it a edge especially when Litecoin moves into this anew in the near times it is likely to show up with a pullback again, currently Litecoin is still holding above the 300-EMA in red which is still support however when this is confirmed to the downside it will also be resistance.
Taking all these significant factors into consideration Litecoin is in a situation where it has developed this huge formation and when Litecoin shows up with the final conclusions with moving below the lower boundary and closing there as it is marked in my chart such price-action will initiate further pressure and activate lower levels marked in my chart within the blue level at 117 USD where Litcoin then has the potential to recover when it is reached and overall it needs to be elevated how it develops further from there, if there can come a sustainable recovery or Litecoins sets up to continue with bearishness further, it will be an interesting development ahead.
In this manner, thank you for watching the analysis, have a good day, and of course good trading, 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.
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