Litecoin Continues Head and Shoulder Pattern

Litecoin has refused to breakdown from our head and shoulders pattern. The neckline at $195 has continued to provide support. However, this may simply be an extension of the second shoulder, which seems to be bounded by $209. It will take some momentum to breakthrough this and we wont be fully out of the woods until $227. If we do breakdown, $184 or $174 would provide support. The Kovach OBV is broadly strong, but has leveled off for a while, so we could continue to range at current levels between $195 and $209.