Nice idea on LTCUSD and there may be potential gains as you have identified by going long. For this set up, we have identified the support and resistance levels. We found a support level at 56.70. It is a horizontal swing low support, with 78.6% Fibonacci retracement and 100% Fibonacci extension. Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias. RSI is also seeing a bullish exit and we might see a corresponding bounce in price. If a potential bounce does occur, we may want to take a closer look at the 62.11, which is a major resistance level. It is a horizontal overlap resistance, 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Excited to see how things develop.
Please take a look at our idea and share with us what you think.