Litecoin, Trades In Major Channel, Forthcoming Establishments!

Hi my friends,

Welcome to this analysis about Litecoin, we are looking at the 2-day timeframe perspective, the recent events, the current formational structure, what we can expect the next times and how to possibly handle the situation appropriately. Since Litecoin has shown up as expected with the bearish pullbacks after moving into the upper-boundary-resistance again it is now testing an important level which is the middle-line of the major ascending-channel-formation, besides that I detected other important signs worthwhile to look at therefore we are looking at the meaningful levels and likely outcomes upcoming times.

When looking at my chart we can watch there how Litecoin tests the middle-line and firstly shows up with some marginal upmoves from here, this moves will directly run into the remaining resistance layers already suggested on the local timeframes also, this layers are likely to confirm and therefore will Litecoin move further to establish the next wave to the downside that will then form the major wave D within the wave-count that will visit the back-up-cluster marked in blue in my chart, this level is extremely necessary to hold and bounce because Litecoin will increase with bearish pressure below this cluster, when Litecoin manages to bounce within the blue cluster the final wave E will develop moving into the upper-boundary again which will be crucial as this will determine if Litecoin will continue with a wave-E-extension or pullback again from the boundary, when Litecoin manages to move above the upper-boundary this will be a great source and bullish breakout with increasing potentials further ahead.

For now it is time to keep patient and elevate how Litecoin reacts within the further levels and how the bounce from the blue cluster can develop here, when comparing Litecoin to the rest market it comes up that Litecoin is more volatile than the rest of market with many ups and downs in the structure which can be a great source to hedge in the market when this is done right, however, it can also be not appropriate for inexperienced traders with the many ups and downside determining this volatile pair, in this case, it is inevitable to have the right line-up to move into seriously.

In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"The eyes only see what the mind is ready to comprehend."

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