Litecoin is Approaching A Breakout or Breakdown Point (LTC)

Hi friends! Welcome to this update analysis on Litecoin! Here on the hourly chart, you can see that LTC is now running into the bottom of the pink falling trendline. You can see clearly on the chart that there is a W bottom formation there. Now, there is a possibility that it could morph into something else, but currently it looks like a W bottom. As I'm writing this, price is rallying into the bottom of the pink trendline with increasing buy side momentum. If price is able to break out above the falling pink trendline, and close above it, we are likely to see LTC rally to the top red trendline, at about $30.33. However, if LTC fails here at the pink trendline, we are likely to then see a swing back down toward $24.50, and possibly lower.

Hold on... Yes, as I am writing, LTC appears to be just starting to breach the falling pink trendline. Whether it can maintain that is yet to be seen. Keep in mind, this is an hourly chart, so it is a very short term analysis, in an otherwise longer-term bear market.

I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-

Comment:

Now LTC looks like it wants to break down from the pink trendline...

Comment:

It now appears evident that LTC will continue lower, after a rejection at the pink trendline. It is possible, that LTC could form a right shoulder, of an inverse head and shoulders pattern, but no evidence of that currently exists.

Comment:

LTC continued to fall as anticipated, and is now testing recent low support.