Litecoin New Entry Level

I wrote about a possible buy signal 2 days ago. The trading idea was based on signals from Moving Averages, MACD and RSI. This time I would like to show you a possible entry level based on Ichimoku indicator. If we look at the daily chart of Litecoin, we can see that the market bounced from the kumo and 35.00 support level. RSI confirmed price reversal. We got a buy signal and we could open long trades above Tenkan and Kijun lines. The market made a new high which is higher than these lines. It gives us a new entry level for buying. So we should buy above 45.30 with stop orders below 35.00 level. Profit target for long trades can be at 55.00 resistance level or we can hold the trades in long term. For getting an additional confirmation that the market is going to rise, it's better to wait for ADX line moving upward to 20 level.

Comment:

Be ready to a retracement to the kumo. The market need good fundamental support for further upward movement.