Litcoin Forming New High, Indicating Following Of Bitcoins Path!

Hello, Traders Investors And Community, welcome to this analysis about LITECOINS current price-action and what we can expect from the next days, hopefully, everybody is doing well in the current market environment. As we saw many major cryptocurrencies forming new highs that exceed the previous ones we saw cryptocurrencies like LITECOIN struggling to form a new high and therefore another indication for a healthy continuation of the trend. Recently we saw that new high forming which currently is a good sign that LITECOIN is on a stable road to follow the other cryptocurrencies path, there are however some confirmations and further continuation signals which have to develop in the schedule to succeed for LITECOIN.

As you can see in my chart LITECOIN formed a steady up-trend line which is marked in blue, it provided several higher lows before breaking to the upside and forming the final higher high, it has to be said that other major cryptocurrencies like bitcoin and ethereum already formed the higher highs the days ago, therefore, it is in the possible perspective that LITECOIN will follow with more upside. Currently, we have the break of the strong key-level which will serve as the reference-point when LITECOIN manages to move higher from there.

The next time we can expect a correction minimum to the price-level which you see in my chart marked with the orange box between 45 to 46 as many cryptocurrencies rallied and the market is slightly overbought a healthy correction can come before moving higher upward for this purpose serves the orange support zone you can see, it is also building a coherent support structure with the recent highs made in the uptrend and with the blue uptrend-line, In this manner, we have a high possibility to bounce there.

What we can also see in the current structure that the horizontal key-level-line and the blue up-trend line looking like a big ascending bullish triangle therefore that gives the overall structure one more bullish factor to count on. Currently, I can't see much of a reversal or break to the downside beside the awaited correction otherwise we can see that LITECOIN loses its bullish outlook by a break of the up-trend line and a break below 43.14 but I don't see that scenario coming so soon in the near future.

Thanks for watching the analysis, feel free to support my friends, all the best.
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Information provided is only educational and should not be used to take action in the markets.