Idea
LTC/USD is on the brink of completing a beautiful diamond pattern on the 4h chart (this marks the second diamond pattern we have seen in the cryptocurrency space in just a few days; ETH/USD being the other). However, unlike the recent diamond pattern put in on the 4h ETH/USD chart, this chart shows even more of a bullish signal (once the price actually exits the topside of the pattern) because of the way the center line is positioned (inclined slope). In addition, the 10W EMA is also steeply inclined as well.
Price Structure
Structure Start: 27 Dec '20 07:00 UTC @ 139.18
Structure End: TBD @ 165.50?
Structure Low: 11 Jan '21 11:00 UTC @ 112.21
Structure High: 09 Jan '21 23:00 UTC @ 185.55
Conclusion
The difference between the high and the low of the diamond pattern was roughly $73. Adding this amount to the end price (the proposed exit price of the pattern) gives an estimated future level of 238.50. The 10W EMA has acted as wonderful support for LTC/USD throughout this most recent bull run so use this as a guide for support. One last thing of IMPORTANCE is there will be significant resistance for LTC/USD @ 250.00 - 253.50 as this was the high put in on the day back on 02 Feb '18 (the first lower peak directly after the ATH or the proverbial “dead cat bounce”).