Litecoin, Trading In The Channel, These Are The Next Steps!

2020년 10월 7일

Hello Traders Investors And Community, Welcome to this analysis where we are looking at litecoin, the 4-hour timeframe perspective, the recent events, the current formational structure, and what we can expect the next times. Since Litecoin broke below this long-lasting dashed support line it managed to somehow stabilize in the structure where it is now forming an ascending-channel-formation which can show up with the critical outcomes in the structure, this formation can either develop into a possible bear-flag where litecoin will firstly test lower levels in the structure or it will confirm above the upper boundary which is a pretty unlikely scenario at the moment as litecoin needs to move above this strong resistance layers still existing there nevertheless there are some preliminary important steps which litecoin will follow up with before.

As you can watch in my chart litecoin recently found support within the lower boundary of the ascending-channel-formation which also completed the major C wave of the coherent wave-count litecoin is forming here, therefore litecoin is currently setting up to form the final wave C of the whole structure which will travel directly into this resistance cluster existing there, which is formed by the rising dashed resistance line in red, the 400-EMA in black and horizontal resistance lying there which puts litecoin into a high possible pullback scenario that will happen after this zone is reached, litecoin will then go on to the lower boundary which will be a crucial price-action in the whole structure and either it manages to stabilize here or bullish weakness increases further which will confirm this formation into a bear-flag, therefore the price-action in this range needs to be watched.

In this manner, thank you for watching, good day my friends, and support for more market insight.
"Good luck is when opportunity meets preparation."

Information provided is only educational and should not be used to take action in the markets.