Litecoin Rejects Relative Highs

Litecoin has made an attempt at $217, where we suggested strong resistance yesterday. Our skepticism was confirmed as LTC has rejected this level in favor of support in the lower $200's. Currently it is hovering over support at $202. We are seeing several green triangles on the KRI suggesting support around this level, but the price action has rounded off from relative highs at $217. The Kovach OBV is pretty flat right now, and we will need to see more conviction either way for LTC to make a definitive move. From below, we should see support at $202, but if this does not hold, watch $195, $191, and $184, which seems to be a hard lower bound for now. We will need to break $217 before considering higher levels, the next target being $227.