Litecoin Hit Hard

Litecoin has retraced significantly as well, reverting back to the lower bound of its range, finally finding support at $200. Both Kovach Momentum Indicators have turned over to reflect the clout. A consistent theme here is that we simply need more momentum to update our Elliott Wave analysis. The psychological and technical $200 level seems very strong and will also provide an excellent entry opportunity. After that we have $189 and $176, then a nested Fibonacci level at $162. When momentum reignites, LTC must break $208, $210 and $220 before considering $236 again. Overall, we still seem to be forming a bull flag which is very encouraging.


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