LTC/USD - An ichimoku perspective and potential long setup
After spending the past week re-tracing, it appears LTC might be ready to continue its uptrend.
It found strong support on the lower cloud while spending time consolidating in the realm of previous price action while maintaining its support on the upward-trending cloud. Today it left that support and broke through a trend line which was likely acting as resistance. In addition, we have a bullish T/K crossover. The future cloud is current bearish, but with a little more movement upward that could change. Right now lagging strand is still technically within previous price action, but it's pointing right up into open space, which is where it would need to be for things to really start taking off.
Big questions is whether or not that will happen. Maybe it would be nice to break everything down in list form:
Bullish signs:
-T/K crossover
-T/K crossover happened above the cloud
-Price above the lower cloud
-Plenty of open space ahead of the lagging strand
-Lagging strand above the cloud
Neutral signs:
-Price still inside the cloud
-Lagging strand still within previous price action
-T and K strands are both horizontal
-Cloud boundaries are both horizontal
-Price somewhat high above base line (might want to retrace if we can't get more momentum)
Bearish signs:
-Future cloud bearish
I think it's reasonable to say that a an aggressive entry would come sometime between "now" and when the lagging strand exits previous price action, while a safer entry would come with price breaking free of the cloud (along with lagging strand in open space).
It found strong support on the lower cloud while spending time consolidating in the realm of previous price action while maintaining its support on the upward-trending cloud. Today it left that support and broke through a trend line which was likely acting as resistance. In addition, we have a bullish T/K crossover. The future cloud is current bearish, but with a little more movement upward that could change. Right now lagging strand is still technically within previous price action, but it's pointing right up into open space, which is where it would need to be for things to really start taking off.
Big questions is whether or not that will happen. Maybe it would be nice to break everything down in list form:
Bullish signs:
-T/K crossover
-T/K crossover happened above the cloud
-Price above the lower cloud
-Plenty of open space ahead of the lagging strand
-Lagging strand above the cloud
Neutral signs:
-Price still inside the cloud
-Lagging strand still within previous price action
-T and K strands are both horizontal
-Cloud boundaries are both horizontal
-Price somewhat high above base line (might want to retrace if we can't get more momentum)
Bearish signs:
-Future cloud bearish
I think it's reasonable to say that a an aggressive entry would come sometime between "now" and when the lagging strand exits previous price action, while a safer entry would come with price breaking free of the cloud (along with lagging strand in open space).