Litecoin, Price-Action Altered Dynamic, Upcoming Possibilites!

Hi my friends, Welcome to this update-analysis where we are looking at Litecoin and the 2-Hour timeframe perspective, the recent events, the current formational structure and what we can expect the next times. As expected Litecoin has properly emerged with the C and D and now with the end of the E wave completed the whole wave-count from which point it will show the further conclusions, if you did not see this analysis already I highly recommend it to watch for having a full-depth-overview. Besides the wave-count which completed Litecoin has also formed the final wave E with high bullish volatility to the upside which is extremely important to recognize here as it has altered the dynamic into a more bullish pace, therefore I detected the important levels and likely upcoming outcomes we should consider.

Looking at my chart you can watch there that besides the wave-count-completion Litecoin has also tested the descending-trend-line in grey which is important considering the bullish head and shoulder confirmation. As Litecoin now has still remaining resistance there we can expect a pullback from here firstly to the 200-EMA marked in blue which is also matching with the lower boundary, this zone will be highly crucial for the next outcomes as Litecoin will show from there if it breakouts the head and shoulder formation to the up or downside, according to the factors and also because Litecoin has recently shown this high volatile bullishness a breakout of the head and shoulder formation is more likely by a possibility of 65% than the bearish with a possibility of 35% as it is not seldom seen that after huge volatility a continuation follows.

The next times Litecoin has to show how it will emerge the pull-back and how strong this will be which will be an important factor also in the outcome of the head and shoulder formation, when the pullback is not that strong and with lower volatility, there is good potential given that Litecoin backs up properly to finally form the breakout above resistance which will confirm the whole formation, this will happen when Litecoin moves above the descending-trend-line marked in dashed grey as seen in my chart when this price-action shows up the formation is completed and activated continuation target with the test of the upper resistance ahead.

In this manner, thank you, everybody, for watching, have a good day and good trading, all the best!

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