Support and resistance levels:
In LTC with USD pair, on the long-term weekly time frame chart, the pricline of Litecoin has been rejected by $170 resistance and now moving between $140 support to $170 resistance levels.
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Up channel:
On the daily time frame chart, the price action of LTC has been bounced from the support of an up-channel and now moving towards the resistance of this channel.
Down channel:
Now if we switch to the LTC with BTC pair chart, then on the weekly time frame, the price action has formed a down channel and reached at the support. Here the bollinger bands is getting squeezed that is indicating that soon the price action of LTC can break down the support or move to the upside for the breakout.
Bullish Shark:
While the price action is at the support of the down channel, on the weekly chart it has also formed a complete bullish Shark pattern and entered in potential reversal zone.
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Bullish Butterfly:
On the same weekly chart, with the Bitcoin pair, the price action of Litecoin is completing the final leg of bullish Butterfly it has retraced up to 1.269 Fibonacci and when it will be moved a little bit more down and retrace at least 1.27 Fibonacci level then the pattern will be completed. This Butterfly is bigger than the previous Shark move.
Bullish BAT:
On the bigger time frame 2 month time period chart, the price action of LTC with Bitcoin pair has completed bullish BAT pattern and entered in potential reversal zone.
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Conclusion:
The price action has the strong support of a down channel and completed different harmonic moves in different time frames in Bitcoin market. These harmonic moves can start the bullish divergence like a chain reaction. The smaller harmonic bullish move can trigger the bigger one and this bullish harmonic chain reaction can lead the priceline of LTC to hit at least the previous highest price in the Bitcoin market that was 0.052 as per Bitfinex exchange in 2013. And if at that time the price of Bitcoin would be at $40000 then the price of LTC can be expected at $2000.
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