A logarithmic scale is used on the 6 hour timeframe chart for today’s Litecoin analysis with coverage of over 8 months of market action. Of great importance is the major in Litecoin that is currently active and has lasted over 14 months as highlighted on the chart.
This is due to the termination of momentum at the on February 24, 2019 when a price high of ~$54.80 was achieved in Litecoin. Lack of a close above the implies potential entry point for trades or positions.
Conversely, a is used to put price action into perspective following the termination of momentum on December 14, 2018 at a price low of ~$23.05, which resulted in Litecoin reaching $54.80.
The lower boundary of the between $38 and $40 provides opportunity for entry into a long (buy) position(s), with the expectation for Litecoin to break above upper boundary of the and longer .
Support for Litecoin below the is present between $30.32 and $28.48, with Litecoin expected to target this support region on a breach below the lower boundary of the . This would imply trouble, and even worse is price closing below $28.48.