Conclusion for today’s Litecoin analysis:
A break above Litecoin’s long term bearish trendline provides further evidence of a trend change and bullish bias.
A logarithmic scale is used on the 6 hour timeframe chart for today’s Litecoin analysis with coverage of over 8 months of market action and previous analysis was provided here. Of great importance is the major bearish trendline in Litecoin that is currently active and has lasted over 14 months as highlighted on the chart.
This is due to the termination of bullish momentum at the trendline on February 24, 2019 when a price high of ~$54.80 was achieved in Litecoin. Lack of a close above the trend line implies potential entry point for bearish trades or positions.
Conversely, a bullish price channel is used to put price action into perspective following the termination of bearish momentum on December 14, 2018 at a price low of ~$23.05, which resulted in Litecoin reaching $54.80.
The lower boundary of the bullish price channel between $38 and $40 provides opportunity for entry into a long (buy) position(s), with the expectation for Litecoin to break above upper boundary of the bullish channel and longer bearish trendline.
Support for Litecoin below the bullish channel is present between $30.32 and $28.48, with Litecoin expected to target this support region on a breach below the lower boundary of the bullish channel. This would imply trouble, and even worse is price closing below $28.48.
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