Accumulational Schematics And Current Structure:
As you can watch looking at my chart litecoin is trading in this big ascending-channel-formation where it also has build the accumulational channel within the lower boundary range where litecoin already confirmed a first accumulation that turned out to be the origin of a wave to the upper boundary, at the moment litecoin is building a very same accumulational channel as it is marked in my chart, this can be similar to the first one the origin of tests of higher levels. Besides that litecoin has formed a bear-trap before going below the lower boundary and then bouncing into the channel again which is a strong sign signaling that bulls have gained strength in this level and more is possible to follow up.
Outlook And Possible Steps:
While litecoin now developed this strong bear trap and forming the second major accumulation here there is some potential given which is already showing up with a established wave-count to the upside, when this wave-count leaves the accumulational channel it can follow up with increased speed which will lead into the middle-line-target as it is marked in my chart in orange, from here there is a pullback and test of the remaining support possible and when this test is successful it can provide the next wave to the upside as it is marked in my chart, when the price continues strongly with its established pace this can lead litecoin to test the upper boundary anew and reach it as it is marked with the projected range possibility in my chart.
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.