Oh LTC... are you worth it?
Hi guys! Today I'm gonna show you what's happening on the 1 hr chart. As you can see below, LTC had higher lows coupled with the MACD having higher lows. So does this mean that we're out of the woods and mooning? Nope. We can clearly see that price has been rejected at the Kijun-sen which means the equilibrium line holds strong resistance. But what about those MACD crossovers (encircled)? Well let's take a look at the 15 min timeframe.
As we can see below, we can see 2 MACD bullish crossovers which you could've taken and got some profit. Let's look at the first one. Here we see price shooting up but failing to close above Kumo. It's also worth mentioning that we should've known that it wouldn't break yet because the Chikou span (orange line) hit its crucial resistance level which is the price. Now let's look at the second crossover. Here we can see that price clearly broke above cloud because of the super thin Kumo. But what about the Chikou span? Well, it's still hovering inside Kumo and is encountering resistance at span B (top of cloud for the chikou).
Once chikou span crosses above the kumo, I think we might see a short upsurge in price because a kumo twist also happened if we project the price 52 bars ahead. And if we do see it breaking above that level, price is more likely to break past the Kijun-sen and the next resistance level we may meet is the span A of the Kumo in the 1 hr chart or at the 131 level (more likely) because of the Chikou span hitting the price. If we take the chikou span as our target level though, we'll only get $10 of profit for every LTC that we own. Factoring in broker expenses, is it worth it?
As we can see below, we can see 2 MACD bullish crossovers which you could've taken and got some profit. Let's look at the first one. Here we see price shooting up but failing to close above Kumo. It's also worth mentioning that we should've known that it wouldn't break yet because the Chikou span (orange line) hit its crucial resistance level which is the price. Now let's look at the second crossover. Here we can see that price clearly broke above cloud because of the super thin Kumo. But what about the Chikou span? Well, it's still hovering inside Kumo and is encountering resistance at span B (top of cloud for the chikou).
Once chikou span crosses above the kumo, I think we might see a short upsurge in price because a kumo twist also happened if we project the price 52 bars ahead. And if we do see it breaking above that level, price is more likely to break past the Kijun-sen and the next resistance level we may meet is the span A of the Kumo in the 1 hr chart or at the 131 level (more likely) because of the Chikou span hitting the price. If we take the chikou span as our target level though, we'll only get $10 of profit for every LTC that we own. Factoring in broker expenses, is it worth it?
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.