LTC looking very promising

BTCE:LTCUSD   Litecoin / U.S. Dollar
LTCUSD             finished its correction and is currently consolidating, ready for continuation of the major uptrend. Let's look at underlying near-term trends:
1) Money Flow seems to be breaking its down trend while forming a new up trend, which shows an increased interest on the buying side.
2) Futures premium (calculated based on OKCoin index and OKCoin quarterly futures ), which I use as a sentiment indicator, has finished its decline and looks like it is ready to move up, not without some decrease at first though. That would be perfect, because I do not believe in strong up moves unless there is some strong bearish sentiment in the masses :D
3) Minor trend EMAs are still heading down, while the major 144-day EMA has been providing some nice support.

All in all, I believe that the major up trend is strong here, but it cannot continue without a final retest of its EMA . Things I am looking for before going long:
1) Confirmed up trend in Money Flow
2) Futures premium going high
3) For an ultimate confirmation, crossing of the 55-day EMA

Looking for a reversal is advisable on 4h chart, there is some interesting stuff happening there :)

P. S.: The Elliot Wave count in the chart might be incorrect, I am still learning this powerful stuff :D
Comment: The last dive to the trendline has started, 3.5$ looks like perfect buying price
Trade closed manually: Chart from the quarterly futures: LTC seems to be entering new downtrend together with BTC, I guess we just have another few months before we can talk about any uptrends again.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out