As you can see from the four-hour chart, LTC has successfully broken the major lines of resistance (blue/pink) and begun its breakout from the inverse head & shoulders pattern exactly to the target that I gave you on my last post. We also have created a new upwards trend formation in the green. We can expect LTC to remain in this area for the time being unless volume really picks up. If other cryptos bring breakout results, as some of them are beginning to, LTC would be artificially pushed higher by the entire market, on top of the lengths it has gone already. This could potentially break the top green trend line and result in a much steeper spike. Take a look at the 50 EMA and 200 EMA that I have circled in red. This is as close as the chart has gotten to crossing since our last. With increase upside volume we can hope that these two will officially cross. With this, I am hoping for a new high in LTC within the coming month. We have too much cushion below us on the EMA and new trend line to worry that our chances are low to reach a new one soon. Keep an eye out for the EMA cross. If this turns out successful I could see another trend line break. Else, look for LTC to reach the bottom of the new trend formation and then keep the upward trend.
Good luck!
-JZ
Good luck!
-JZ
