LTC is fitting within a 4 hour higher low, lower high pattern the last couple days. We started recognizing this pattern forming when the bounce yesterday morning was unable to head to higher highs as we saw Bitcoin do. We will be looking for morning consolidation to stay within this pattern, and looking for a clear break tonight. Waiting patiently for the break if not in a position. The other potential entry is on the higher low we will anticipate to form, using the previous higher low as support that must hold to stay in the pattern. A break of the 4 hour higher lows is an exit for bulls if it occurs.
The only problem I see it the 24hr volume is $156,269,000 which is very low for LTC. It would require similar to 500m - 1B of volume to experience a similar breakout as we did around 30th of August. The MC is still VERY strong at 3.8b. What is your views on current volume and how it will effect the price (or if it doesn't have enough to create a breakout)? Thanks
fishj92
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Looks like a good pattern. Been waiting for something like this to occur in order to add in on a position. Thanks for the update, ChartGuys!