Hello my Steemian pals! Welcome to this analysis of Litecoin!

Lets get right to it.

Analysis

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Taking a look at the four hour chart, we can see that Litecoin has been moving sideways for a few weeks now. We recently found support along the 50 day EMA and have been seeing consolidation from that point. This recent price action has created a symmetrical triangle pattern that appears to be coming to an end. As I write this, Litecoin's price is headed down towards the support line (@ $205.22).

Check out that RSI as well, it's showing positive divergence while the price has been moving sideways. Taking a look a few weeks back when we found our recent bottom, we see almost exactly the same thing. There was also a tightening of the price range coupled with the declining volume. IMO all we need at this point is another rush of volume and this bad boy is ready to take off!

However, there is always the chance that this pattern could fail and we could see the price fall. If that where to happen, we could look to find support around the 50 day EMA, currently @ around $196. It would only be bearish if Litecoin were to break that lower support level, then we could really see some more downside, although I don't see this as very likely.

Please comment, upvote and share! Good luck out there everyone!

*Not a Financial Advisor. This is not a recommendation to buy or sell. For educational and entertainment purposes only.