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
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We have a wedge situation here in hourly So a long entry after this break of wedge would be wise
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A descending triangle on LTCBTC hourly which seems to be breaking down Which is definitely not good
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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 :)
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We also had a nice breakout of a cup & handle pattern on USD pair Then a retest which is a very good sign
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Breakout of a nice descending triangle on daily But i don't see the volume here
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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