Welcome to this analysis about Litecoin, we are looking at the 1-hour timeframe perspective, the recent events, the current formational structure and what we can expect the next times. Litecoin is trading in a precarious situation as I detected because there are indications for a possible continuation to the downside when Litecoin moves on with the established pace and completes the formation it is currently trading in, therefore I discovered all the important levels and likely outcomes we should consider with Litecoins established structure and the upcoming destinies ahead.
As when looking at my chart we can watch there the major formation Litecoin is currently forming which is a massive ascending-channel-formation marked in blue in my chart with a coherent wave-count established within the formation already completing waves A to D where Litecoin is now testing the lower-boundary together with the 300-EMA marked in green lying there, this support can be the source of the final wave E to the upside which will complete the whole wave-count, this final wave E will directly run into the upper resistance-cluster marked in my chart in red where several resistances coming together, as these resistances within the structure are strong and should not be underestimated it will likely result into a pullback from there which will firstly move into the lower-boundary of the formation and when this boundary does not hold sustainably and Litecoin increases with bearishness the whole formation will complete as a bear-flag when Litecoin decisively moves below the lower-boundary and the EMA-structure to close within the bear-flag-confirmation-zone marked in my chart in red, for now this is a highly possible scenario which should not be kept by side here.
Litecoin is in a situation where it has established significant structures which will show the final conclusions when the suggested circumstances determine within the upcoming schedule, taking this scenario into consideration it is from high importance to distinguish Litecoin from the rest market as there are coins certainly stronger than Litecoin and forming more formations like for example XRPUSD, therefore we should be prepared on this possible arbitrage within Litecoin and elevate how the structure is developing further to be prepared on possible swift movements to the downside upcoming next times.
In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
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Information provided is only educational and should not be used to take action in the markets.
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