Welcome to this analysis about Litecoin, we are looking at the 4-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Litecoin is one of the more volatile pairs these times as it has shown up with volatile movements to the up as well as to the downside, it is not seldom seen after such that a major breakout and shift in dynamics occurs sooner or later in which price-action finally decides into one direction, in this case, I discovered a decisive formation Litecoin is forming that will determine the upcoming movements we should consider, therefore I detected all the important levels and likely destinies.
As when looking at my chart now we can watch there how Litecoin is about to form this major descending-channel-formation marked in my chart in blue, furthermore Litecoin has a coherent wave-count within the formation in which it already completed waves A to D in the structure and is forming now the wave E that will finalize the whole wave-count and will run directly into this main back-up-cluster marked in blue in my chart within the lower-boundary-zone where also the 600-EMA in red and the 500-EMA in green coming together building solid support from where Litecoin has the ability to back-up and potentially generate the upcoming channel-breakout finally indicating a sufficient reversal for Litecoin.
Taking all these factors into consideration Litecoin is trading in a situation where it can show up with the ability to form a great reversal and ongoing breakout when it manages the proper price-action, therefore it is highly necessary that it does not increase with pressure extremely again and move below the lower-boundary especially below the support-areas so important to hold because when this happens it can also invalidate the formation again. For now, it will be important to elevate how Litecoin continues with the established wave-count within the formation and how it manages to back-up in the zone to form a breakout above the boundaries, it will be an interesting determination ahead.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and 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.
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