Take a look at the exchanges trading LTC on coinmarketcap. OKCoin, Bithumb, Huobi are the top 3. China/Korea are trading more LTC than BTC by a factor of 3 - and significantly more than the USA. They all allow currency => LTC and vice versa without going through BTC.
The charts definitely have risk right now. The MACD tracked over a several day time unit has potential to move down quite a bit. However, the support level @ 300, 305 yuan is huge, and a strong resistance line @ MA30 when look at the day-charts. The up-trend channel has yet to be broken from the downtrend right now.
Obviously, always do your own research. Just throwing a few thoughts around.
So 300 yuan is at that $44 mark which explains why there is always a retrace to this from a slip to $41-42. It is a probably a very risky strategy for me to sell my position just to accumulate 40-50 more litecoin during these slips. In the back of my mind I feel that a surge upward is imminent just based on trading volumes and the skeptics transferring out of ethereum.
What do you mean when you say that the up trend has yet to be broken?
Any input is welcome! I have not been trading for very long and appreciate any validation/criticism of my thoughts.
StochRSI shows undersold in the 12H chart, we passed below the 20 marker 24h ago (to ~10ish) and now at the time of this post passed back upwards over 20. The MACD just crossed in the 4H chart, touched in the 6h, and is potentially angling to cross in the 12H chart as well. Obviously, in the lower charts, it's definitely positive, but anything <1h doesn't seem to have much relation to the larger trends.
There's a possibility that there's a downward triangle @ the support level for the last week.. but I'm really unfamiliar with patterns in general (I've only read up on the basic ones), so I'm generally following numbers for the most part. The EMA30 on the 1 day chart has not been broken as a support level, either.
I guess you can see what I'm looking at here - http://prntscr.com/fuwhvo
I drew the channel there for the data, and added the possible downward triangle. My feeling is that we're headed back upwards, however I am noting that the Chinese and Korean markets are trading ETH far more than they have in the last week or two, but LTC is still getting traded more than BTC there.
I have mainly been observing and following trends for the day and what becomes consistent is mini craters during the 1 Hour candle. As soon as some market momentum is created people are shorting there position to create minute span drops so that they can accumulate extra Litecoin (alot of spot traders). This seems to be a predictable and fairly reliable sequence that I keep seeing.
Along side we have Bitcoin also gaining momentum, aswell as Ethereum bringing it's head out of the sand.
bitFlyer which is the largest exchange in Japan has also started trading Litecoin as of today. Usually when these coins hit another exchange due to the amount of circulation and market competitiveness prices tend to dip. Will be interesting to see the course of events during the next few days. Though there is a possibility of Litecoin to start flying to new heights if Bitcoin continues... its recovery.
Market in an interesting position, as of now!