Welcome to this update-analysis about Litecoin, we are looking at the recent events, the established formational structure, and what we can expect in the upcoming times. Since the former analysis, Litecoin completed the channel-formation as a bear-flag and showed up with strong bearish volatility since then as expected moving into the lower supports and testing them. Now an important conclusion will be if these levels can hold sustainably and Litecoin manages to build up with bullishness or it is just a set-up for more bearish encounters coming in, therefore I detected all the important levels and likely destinies we should consider with the established structure and the upcoming movements.
As when looking at my chart now we can watch there how Litecoin right away moved into these main supports established previously and initially bounced a little within, now these levels are very important to hold and if they hold will determine the further destinies of Litecoin. In this case when Litecoin manages to hold the supports and stabilize above to build up with bullishness further stabilizations with the proper continuations can be expected above the descending-resistance-line marked in my chart in black, when Litecoin manages to approach above this line it will close in the bullish-stabilization-zone and continue with further bullishness. Otherwise, when this does not happen and Litecoin moves below the supports this will be the bearish scenario and Litecoin will continue with bearish pressure till way lower levels are reached. For now, it is necessary to wage these scenarios and keep patient before each has validated before moving into rather than rushing into trades.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, 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 market.