Litecoin, Triangle-Formation, How A Reversal Can Establish!

Hello Traders Investors And Community,

Welcome to this analysis about Litecoin, we are looking at the 6-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Litecoin since showing up with heavy bearishness to the downside has approached several reversal-attempts that did not yet convert into a sufficient reversal, out of these price-actions Litecoin is building now a decisive formation that I discovered which will be the determining source within the upcoming times, therefore it is necessary that Litecoin shows up with the right price-actions and in this case, I discovered all the important levels and likely destinies we should consider within the established structure and upcoming movements.

Structural Developments:
As when looking at my chart now we can watch there how Litecoin is building this main descending-triangle-formation marked with the boundaries in blue, within this formation Litecoin has a coherent wave-count and already completed the waves A to C fully within this wave-count. With the finalization of wave D which will complete in the next times, Litecoin is directly running into the upper boundary of the triangle which is still a strong resistance and therefore likely to show up with the wave E to the downside which will complete the whole wave-count and will test the lower levels of support marked in orange in my chart where several supports coming together and therefore have a good likelihood to show up a decisive bounce to the upside from this zone.

Upcoming Determinations:
Taking all these factors into consideration now Litecoin is trading in a situation in which it has developed these important structures that can lead to a potential reversal when Litecoin manages to show up with the right price-actions completing the whole formation. In this case, it is of high necessity that Litecoin does not fall below the major ascending-support-line because such a price-action will activate further bearish pressure and Litecoin will visit lower levels in the schedule. For now, it will be important to elevate how Litecoin continues with the wave-count and how it manages the proper bounce from the support to continue further, till then it is necessary to keep patient and wait for the confirmations, it will be an interesting journey.

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.