Welcome to this analysis about Litecoin, we are looking at the hourly timeframe perspective, the recent events, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation appropriately. Litecoin these times is forming quite an interesting formation that can show up with a major destination when it completes, certainly, this formation has a bearish edge and it is important to be prepared on possible swift changes in direction here when this formation validates, therefore I detected all the important levels and likely outcomes we should consider with Litecoin in the established structure and upcoming destinies.
As when looking at my chart we can watch there how Litecoin these times is forming this decisive descending-triangle-formation marked in my chart in blue, besides that Litecoin has established this wave-count with almost all waves already completed and the last wave E running directly into this strong upper resistance-cluster where major resistances lying and also the volume profile resistance marked in my chart with the red line, this level is likely to confirm with a bearish pullback to the downside and when this pullback finally moves below the lower boundary it will validate the descending-triangle-formation and activate lower levels with further bearish continuations ahead.
Upcoming times when Litecoin pulls back from the cluster and moves below the lower boundary an additional indicator confirming it will be the EMA-crossover as it is marked in my chart, Litecoin then will point to the initial lower targets at the 111 level marked in blue in my chart and when these are reached it has to be elevated if Litecoin manages to reverse from there or it shows up with further bearish price-action continuing the downtrend. Sometimes such a formation invalidates with a bounce to the upside however this is currently not the highest possibility in regard to the strong resistance and bearish signs lying there the bearish breakout-scenario should be expected.
In this manner, thank you for watching the analysis, have a great upcoming Happy New Year's Eve, many thanks for all people supporting this year, 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.
Nice looking chart. Support at $125 seems pretty solid, no? If LTC breaks $130 soon, would that change your outlook?
VincePrince
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@LuLzAtBeArZ, Thanks a lot. The outlook has a similar bearish edge as before. Greetings.
LuLzAtBeArZ
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Greed level on 10 with this growth, of course. 🤑 Sagely cautious, pullback does seem inevitable. I like that $110-$112 window to buy back in as well. Thanks!
travellereleven
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Will we see the main alt coins breaking their ATH as the BTC did? Alt season where are you?!
Support at $125 seems pretty solid, no? If LTC breaks $130 soon, would that change your outlook?