Litecoin, Channel-Breakout, How Further Continuations Establish!

Hello Traders Investors And Community,

Welcome to this analysis about Litecoin, we are looking at the 2-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. As mentioned already in previous analysis Litecoin was one of the currencies with the potential to form a sustainable reversal in the structure that can determine further alignments to the upside. Recently Litecoin has shown up with a great breakout above the boundary of its descending-channel-formation and in this case, now I discovered further levels and scenarios that will be worthwhile in the next times, therefore I detected all the important levels and likely destinies we should consider within the established structure and upcoming movements.

As when looking at my chart now we can watch there how Litecoin recently formed this main channel-breakout above the upper-boundary of its descending-channel-formation marked in blue. Now it is not seldom seen that after such a breakout price-action firstly reverses and tests lower levels in the structure to fully validate the breakout and continue with further perspectives. This confirmational-pullback is also likely to happen here with Litecoin moving into the lower zones of support where the confirmational-support-zone is lying consisting of several supports in which Litecoin has the ability to back-up and bounce. When Litecoin manages to bounce within the confirmational-bounce-zone it will lie ground for further develops and approaches of the upper-resistance, this will be extremely crucial because when Litecoin manages to move above this resistance it will be a good set-up for the next bullish waves. Overall Litecoin has shown a good pace here however it is important to distinguish it from other major currencies as not each is building such solid price-actions. For now, it will be important how Litecoin approaches the supports and how it continues from there.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
"Trading effectively is about assessing possibilities, not certainties."

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