LTCBTC @ Poloniex: Long-Entry Based On Ichimoku Cloud
Updated
Here it is an idea for Litecoin in 4HRs time-frame.
The chart is a little bit noise; but, it is possible to get trend's idea (pitchfork) and possible targets (pivots and previous top).
It is notable that EMA 50 had crossed EMA 200 recently, showing that yet it is possible to buy this asset in this present moment. HOWEVER, RSI clearly shows a HIDDEN BEARISH possibility due to divergence in price and this marker. So, watch out for a correction >.<'
The chart is a little bit noise; but, it is possible to get trend's idea (pitchfork) and possible targets (pivots and previous top).
It is notable that EMA 50 had crossed EMA 200 recently, showing that yet it is possible to buy this asset in this present moment. HOWEVER, RSI clearly shows a HIDDEN BEARISH possibility due to divergence in price and this marker. So, watch out for a correction >.<'
Note
It was clear that BTCUSD made LTCBTC correction even bigger!
For those who came from a long position and stay holding this asset, what I can see and say it the following:
1. Price is indeed testing 50% Fib. retracement region of this trend as shown above and;
2. Flat Kumo/Cloud helps to support this theory;
3. Based On Heikin Ashi, which mensures momentum, appears that correction is ending and;
4. Bollinger Bands shows the same losing of bearish momentum.
Looking at divergences, HIDDEN BEARISH RSI seems to be pretty much confirmed.
If 50% Fib. support works, fast length MACD based in this time-frame (4HRs) will start to move-up, signalling that this correction is ending and optimistic trend will start.
For better entry signal, 1HR time-frame is a good one =)
Note
We had an interesting reversal movement on 50% Fib. retracemant region as said before, and hidden bearish seemed to be completed.Now we have the following configuration:
It is possible to see this kind of pennant forming (*blue triangle); however, price direction is uncertain mainly due to BTC's price variation (maybe because of SegWit proximity).
Looking at EMA 50 periods, it is possible to notice that it is trying to hold price on this level, which by the way matches around 50% Fib. retracement (again, lol).
Notice that hidden bullish is under formation. So, if EMA 50 hold price and faster length cross over slow length, it is possible to confirm this possibility of bullish movement.
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