Hi Traders!
We haven't looked at Litecoin recently, one of the most famous cryptocurrencies. We are currently at $ 60 and our fundamental question is - is this the end of the correction? As you can see from the chart, we have highlighted a bullish and bearish scenario.
In the case of the bullish scenario, we assume the correction is fully completed and the next move will bring us to a new high. However, we have a few strong resistances ahead of us, and the steep angle of decline isn't any advantage. This decline is sufficient in terms of percentage, but the dynamics at which we got to the target isn't ideal. That's why we must also take the bearish scenario into account.
In the bearish scenario, it was only the A wave and we're currently expecting less growth with the subsequent completion of the entire correction.
3 strong resistances:
1. the lower edge of the channel
2. the upper edge of the channel
3. bullish level
The bullish scenario will only be valid after the bullish level has been overcome. Until then, any resistance that sends us to a new low can always stop us.
May the crypto be with you!
We haven't looked at Litecoin recently, one of the most famous cryptocurrencies. We are currently at $ 60 and our fundamental question is - is this the end of the correction? As you can see from the chart, we have highlighted a bullish and bearish scenario.
In the case of the bullish scenario, we assume the correction is fully completed and the next move will bring us to a new high. However, we have a few strong resistances ahead of us, and the steep angle of decline isn't any advantage. This decline is sufficient in terms of percentage, but the dynamics at which we got to the target isn't ideal. That's why we must also take the bearish scenario into account.
In the bearish scenario, it was only the A wave and we're currently expecting less growth with the subsequent completion of the entire correction.
3 strong resistances:
1. the lower edge of the channel
2. the upper edge of the channel
3. bullish level
The bullish scenario will only be valid after the bullish level has been overcome. Until then, any resistance that sends us to a new low can always stop us.
May the crypto be with you!