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melseru
Feb 6, 2020 12:55 PM

LTC Ichimoku Cloud Crossover.  

Litecoin / United States DollarCoinbase

Description

The Ichimoku cloud on LTC just crossed over to bullish. The previous times this was the case there was great bullish momentum ahead for the following few months. I think 140 is an optimistic, yet not unrealistic target for LTC in the upcoming months. Safer targets might be 100 or 120 depending on the time period you want to trade on.
If you are familiar with this technical indicator you will be aware that for an Ichimoku Cloud Cross to be valid you have to keep three things in mind when debating whether to open a long position.
1. Do not take a trade if the price is within the cloud. If the price is in a cloud that indicates that the price is currently in a squeeze.

2. Conversion line needs to be above the base line.

3. Lagging span needs to be above the cloud.

LTC currently has all of these three indicating a bullish movement might be ahead.

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Comment

we might see a little sideways before we continue above 80, but the overall trend is still up.
Comments
Echo3Charlie
The only thing that concerns me when looking at your chart is that the RSI is in oversold territory. I hope have either already entered long some time ago, or will wait for at least a small pullback before entering.
melseru
@Buttnugget Hello, yes I have been in since 70. I think the price will break through 75 before pulling back, in which case 75 will act as a support level. I'm also bullish on LTC because it closely mimics BTC which has also just completed a Bullish Ichimoku Crossover.
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