Welcome to this analysis about Litecoin, we are looking at the 2-hour timeframe perspective. Litecoin recently has shown up with a clean formation completed and the breakout above the neckline followed. When assessing the cryptocurrency market it is always good to look at such coins that showing solid setups and therefore forming some good potential as Litecoin in this example, therefore I detected the important levels and likely outcomes we should consider here within the established structure and the upcoming destinies ahead.
As when looking at my chart we can watch there how Litecoin showed up with this heavy exaggerated to the upside after forming the breakout above the neckline from the inverse head-and-shoulder-formation and moving to test the upper-resistance-zones in the structure. As Litecoin has still strong resistance layers above which it is currently visiting and as it did not show up with the confirmational pullback already we can expect Litecoin to show up with a pullback the next times testing lower levels in the structure and very important the neckline where besides that several supports lying determined by the 50-EMA in green, the 100-EMA in red, the neckline and the horizontal support. When Litecoins bounces in these zones with a strong move there are good potentials given and Litecoin will move to the activated targets further ahead.
Litecoin is in a situation where it formed some great formational structures now it is the time for Litecoin to validate these structures with the proper price-action further, in this case, it is important that Litecoin does not show up with more than natural bearishness because this can possibly invalidate the scenario however when Litecoin shows up with the right price-action and develops under the suggested circumstances this will move into some great movements coming up, it will be an interesting journey.
In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
"Good luck is when opportunity meets preparation."
Information provided is only educational and should not be used to take action in the markets.
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