Litecoin, Trading In The Huge Channel, These Levels Important!

Hi my friends, Welcome to this analysis where we are looking at Litecoin and its 12-hour timeframe perspective, Litecoin is still trading far away from the established highs seen in the last bull run, indifference to other cryptocurrencies like Ethereum or bitcoin Litecoin is farther away from the highs than these, this does not necessarily mean Litecoin has no potential further it can also mean that Litecoin firstly needs to establish its moves and then continue accordingly to this. Therefore I detected the important levels and necessary outcomes Litecoin has to show up within the structure in order to also complete a possible breakout above the upper boundary of the descending-channel-formation.

Looking at my chart you can watch there that Litecoin has just completed the move above the 70-EMA marked in red in my chart, which was firstly a more bullish than bearish move normally indicating a continuation however this possible continuation which will show when Litecoin has gained strength above the 70-EMA will lead directly into the resistance which Litecoin has within the upper boundary of the channel-formation but not only that there is also horizontal resistance lying which is likely to form a pullback for Litecoin, when this happens Litecoin will continue til there is a good opportunity found to reverse in the structure, this will be in the current structure within the demand-zone marked in blue in the chart.

Next times will show how Litecoin is further developing here and how a possible back-up in the demand-zone can look like, when this is strong enough Litecoin has the potential to finally break above the upper boundary of the huge channel which will put Litecoin into a more bullish state reaching higher levels in the structure. In comparison to the major bitcoin Litecoin is far away from the highs which means that it needs to gain more that these highs are taken out sustainably on the contrary it can indicate also that Litecoin has some more potential further as there is more room to go. The bearish case the next times should not be underestimated and it has to be elevated how Litecoin reacts then in the lower demand-zones and structure.

In this manner, thank you for watching, good day my friends, and support for more market insight.
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Information provided is only educational and should not be used to take action in the markets.