Litecoin, Potential Flag-Formation, Important Perspectives!

Hi,

Welcome to this analysis about Litecoin, looking at the local 30-minute timeframe perspective. As already mentioned in previous analysis on the global perspective Litecoin trades in the main ascending-channel which can show up with a breakout when Litecoin manages to develop the right price-actions. On the more local perspectives now I discovered a decisive formational structure that can lie ground for the upcoming determinations, therefore it is necessary to do not take the bearish perspectives out of sight yet as these are still given and Litecoin can possibly develop the next wave to the downside, therefore I detected all the important levels and likely destinies we should consider.

Structural Developments:
Litecoin in recent times after bouncing from the given supports has set up this ascending-channel-formation in the structure, in this ascending-channel Litecoin has the coherent wave-count with the waves A and B already completed, and with the wave C now about to form in this case Litecoin has strong resistances lying above the in structure marked in my chart in red from where a pullback is highly likely and should be expected, it is rather not highly possible that Litecoin moves through these resistances right away on the other side when Litecoin finally breaks out below the lower boundary of the ascending-channel this will complete it as a bear-flag and indicate further bearish pressure to the downside.

Upcoming Determinations:
The next times will be mainly decisive for Litecoin because it will show how Litecoin reacts to the remaining resistances where pullbacks have a very likelihood which should also be expected. Nevertheless, this does not mean Litecoin is completely bearish as there are still important levels of support lying on the global perspective as well as the local perspective. The initial zones of support are given in the descending-trend-line marked in my chart in black where also the support-cluster in blue is lying, it will be necessary to elevate how Litecoin approaches these zones and if there comes a bounce or continuation to the downside, these two scenarios will determine further developments then.

In this manner, thank you for watching the analysis and great contentment for everybody supporting, all the best!
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Information provided is only educational and should not be used to take action in the market.