VincePrince

Litecoin, Decisive Formation, Possible Origin For Continuations!

COINBASE:LTCUSD   Litecoin / U.S. Dollar
Hi my friends,

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 bearish 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 bearish 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 bearish structures which will show the final bearish 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 bullish 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!
"There are many roads to prosperity, but one must be taken."

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

Vince thanks for posting again! Your analysis is very accurate esp in a shorter timeframe. The reason i'm holding through these troubled waters is this: Compare the time duration of previous crypto booms. They are 50% as long as what we've seen since late october as well as less dramatic in increase. This led to the recent 20k BTC push that we ALL expected massive resistance at. The difference this time is institutions. Where most expected a dip to 14k BTC - that same lever that is slowing the boom, also padded a massive dip. So we hover around 19k for a while as that dip consolidates. I see no bad news yet in crypto. BTC 30k may not happen until feb, bringing up all the altcoins. (LTC being, imo wedded to BTC)
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