Litecoin, Huge Resistance Layers, Possible Set Up Continuation!

Hello Traders Investors And Community, Welcome to this analysis where we are looking at litecoin 4-hour timeframe perspective, the events occurred, the formational structure, what we can expect the next times and how possible continuation can look like. The cryptocurrency market looking rather bearish than bullish the last times with heavy selling pressure established to the downside, litecoin in this case is a very bearish pair that already established bearishness previously therefore it was just logical that it broke below the major 194 days old trendline, currently, litecoin is forming some marginal up moves that are currently very weak and can be the set up for another leg to the downside.

Looking at my chart you can see this huge resistance-cluster marked in red where there are coming several resistances together, once it is the black falling resistance line, secondly it is the 30-EMA marked in red and thirdly it is the horizontal resistance also in red, these three resistance levels coming together here and forming a coherent resistance cluster that is likely to be confirmed bearishly when touched, there is a possibility that litecoin moves above the range, this possibility is however currently highly marginal, therefore the set up and bearish continuation to the downside can be much more expected, this will happen when litecoin shows the proper bearish pull-back after visiting the resistance.

In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
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Information provided is only educational and should not be used to take action in the markets.