Litecoin, Moving In The Channel, Meaningful Destinies Ahead!

Hello Traders Investors And Community,

Welcome to this analysis where we are looking at Litecoin's 6-hour timeframe perspective, the recent events, the current formational structure, what we can expect the upcoming times, and how to possibly handle the situation. Especially the last days and weeks Litecoin was one of the highly volatile cryptocurrencies with many peaks and valleys on the local timeframes and almost exaggerating to the up as well as to the downside, such volatile movements can provide good opportunities nevertheless it is important as sophisticated trades to anticipate such movements right and be prepared for trend as well as volatility changes which are especially remarkable with Litecoin and the developed structures, therefore I detected all the important levels and likely outcomes we should consider with Litecoins current structure and upcoming destinations.

As when looking at my chart we can watch there Litecoin just formed the major wave C which ended in the upper-boundary of the massive ascending-channel-formation and formed a bearish pullback from there firstly moving into the middle-line-support of the ascending-channel-formation to form the wave A within the major wave D, now as Litecoin has found some marginal support within this line we can expect some up moves however these moves will run directly into the strong resistance-layer lying there marked in my chart in red, were not only Fibonacci-resistance is lying but also horizontal resistance and the resistance determined by the volume profile making this range a highly possible range for a pull-back-origin which then is likely to move on to form the wave C within the wave-count as it is marked in my chart, when this wave moves below the middle-line it is likely to continue till there is appropriate support found and the whole dynamic can stabilize, that will be within the final-E-wave-origin-cluster marked in my chart in blue where the lower boundary, EMA and volume profile coming together ready to mark the final wave E ahead.

The upcoming times it should not be kept by side that Litecoins volatility will not decrease as this is the pace already established here, therefore the wave-count forming as suggested can be expected, such movements can lie ground for a possible trading long and short when it is done right. On the more middle-to-long-term-perspective, Litecoin has still the potential to form a bottom here however this should not be overspeculated from here, firstly Litecoin needs to complete the whole wave-count and after that, a possible bottom-building can be contemplated. This structure differs to for example Bitcoin or Ethereum as they have already made new highs ahead while Litecoin is in a bigger zone with high volatility oscillating, the next times it will be important how Litecoin reacts to the Resistance-layer and after that shows up with further movements.

In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
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Information provided is only educational and should not be used to take action in the market.