Litecoin, Building Symmetrical Triangle That Will Provide Setup!

Hi my friends,

Welcome to this analysis where we are looking at litecoin 4-hour timeframe perspective in which some interesting things happened the last time resulting in a decisive formation which will show the outcome next times, therefore it is important to look at the factors to determining handling the situation in the right manner when the proper confirmation took place. Litecoin was like other cryptocurrencies in a well volatile uptrend which stopped and now entered bearish signs, the big question is now if there is more bearish pressure following or litecoin is already ready to move higher, compared to other cryptocurrencies it is showing up a bit increased symmetrical shape as others looking are developing more bearish signs which can continue to the downside while others showing up some solid supports where a stabilization with additional rising can follow, this ambivalence currently should not be kept by side and litecoin is a good example for it.

Looking at my chart you can watch there that litecoin is building this huge symmetrical-triangle-formation where it confirmed the upper and lower boundary already several times recently, such triangles break either to the up or downside, and the breakout will be highly volatile the longer the price stays within the triangle. Furthermore, litecoin has formed a bear-flag within the symmetrical triangle which confirmed bearish to the downside which can indicate bearish follow-up but on the other side it is still holding the 80-EMA marked in blue to the upside that supports the bullish scenario. Taking this into consideration a break of the EMA downward will confirm the triangle bearish and a decisive break of the upper boundary will confirm it bullish, in such a structure, the best thing is to wait on the proper confirmation before considering further proceeding because it will increase the succession significantly.

In this manner, thank you for watching the analysis, support for more market insight and all the best.
"The road of excess leads to the alcazar of wisdom."

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