LTC bull trend

Everything just lines up perfectly here
We have a TK cross with break into the cloud and then a retest of lower cloud
Momentum is increasing as you can see in the RSI
Volume is OK, it's not increasing but also not decreasing

And since there is always a high probability that pair will hit other side of the cloud once it enters, i am taking this trade
But before that i have to look at lower time frames for any pattern which suggest the price will go up and not down

Note

We have a wedge situation here in hourly
So a long entry after this break of wedge would be wise

Note

A descending triangle on LTCBTC hourly which seems to be breaking down
Which is definitely not good

Note

OK so let's compare these 3 scenarios

1st one
First we get a breakout from that descending triangle then completing the target of that triangle and then a retest and failed to hold the level
The volume also was not enough to open any long positions so bears brought the price down

2nd one
We have a breakout from an ascending triangle then fails to take out the previous high
Also look at that volume, it's just decreasing even when the price is going up
Momentum in RSI is exhausting as well forming a bearish divergence

3rd one
The breakout of 3rd one lies in the Ichimoku strategy in USD pair
Bulls takes out both of the previous high and the volume is really high this time as compared to the previous ones
Momentum is strong as you can see the RSI level is rising along with the price
For now the bulls are able to hold that Horizontal line and we also have a descending triangle which is a bilateral pattern so the price can move in either direction

We wait for the breakout of that triangle and then open a long entry if we see a good volume
Please don't forget to like :)

Note

We also had a nice breakout of a cup & handle pattern on USD pair
Then a retest which is a very good sign

Note

Breakout of a nice descending triangle on daily
But i don't see the volume here

Note

So we bounced from the trend line and didn't close below the cloud
So we take this trade with stop being the red line which is Kijun

Trade active

Bids filled at 0.0178

kishan889

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

kishan889