Chivashon

LTCUSD Coinbase - Looking for Entry

COINBASE:LTCUSD   Litecoin / U.S. Dollar
I do not think I will be entering COINBASE:LTCUSD any time soon. I am looking for long opportunities in my trades and want to get in on the next long term trend. Here we have the price under the 200 day EMA and Supertrend still shows negative. The candle formations which are Heikin Ashi indicate a continued downward trend but there has been some indication of a possible reversal coming.

The last line of support indicated in green is not that strong as historically their are not many other points where we have seen this support hold, but the red resistance line is very strong with the price fighting this level plenty of times in the past, which tells me even if we see a reversal in the next few days unless volume picks up we wont see a trend change for awhile. The EMA is below this line of resistance so I foresee LTC being down for awhile. No signs of a long term entry in sight.

The last time LTC was in a downtrend it lasted just about two months. Before that it was most of a year in a downtrend. I do not short stocks or coins, I'm just not good at it, but if you are I would love to hear your thoughts.