Litecoin, Approaching Strong Upper-Resistance, Important Levels!

Hello Traders Investors And Community,

Welcome to this analysis about Litecoin, we are looking at the daily timeframe perspective, the recent events, the current formational structure and what we can expect the next times. Litecoin these times showing some fundamentally important price-action necessary to look at and as Litecoin approaches highly crucial levels we should not underestimate the bearish perspective in this case, therefore I detected all the important levels and likely outcomes we should consider within Litecoins current structure established and the upcoming perspectives ahead.

When looking at my chart we can watch there Litecoin has formed this massive ascending-channel-formation with the boundaries marked in blue and the coherent wave-count within where Litecoin currently approaches the massive upper-boundary-resistance with the finalization of the wave B, besides that Litecoin has also shown bearish signs within the lower timeframes, taking these factors together Litecoin has a higher possibility to show up with bearish pullbacks from here which will exaggerate and move to lower levels with a highly possible pace, this bearish pullback will increase till there is support found that can reverse the dynamic again which will be in this case within the back-up-cluster marked in blue in which Litecoin has the potential to back-up and form a bullish stabilization moving higher from there and forming the final wave E in the structure, for now we should await the bearish pullbacks as Litecoin already shows reversal signs approach this strong resistance.

For now we should not underestimate the bearish perspective as Litecoin is one of the coins showing more increased bearish signs compared to the rest of the market, this does not mean Litecoin is completely bearish overall as there are some good stabilization possibilities further however these possibilities firstly need to confirm properly before considering the bullish pace to continue till then we should be prepared on exaggerated bearishness as this is a highly possible outcome upcoming times.

In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"Trading effectively is about assessing possibilities, not certainties."

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