Litecoin Is Forming A Bullish Pattern

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Litecoin with ticker LTCUSD made nice and clean five-wave recovery back to 100 area in the 4-hour chart, which confirms support in place and bullish reversal, so it can be a higher degree wave (1), thus more upside is expected for a higher degree wave (3) after current complex W-X-Y correction in wave (2) that can be in final stages. First support is here around 90-85 area, while second deeper one would be at 80 area.

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Litecoin is still trading within a deep and complex W-X-Y correction in wave (2), where we are tracking final wave Y, which can retest strong 80-73 support zone before a continuation higher. Bullish confirmation and strong bulls for wave (3) may step in only above channel resistance line and 94 area.

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Litecoin made a nice rebound back above channel resistance line, which confirms support in place. After recent projected bullish setup formation with waves 1 and 2, we may now see strong rally within wave 3 of (3) of a five-wave bullish impulse, epecially if breaks above 94 bullish confirmation level.