Litecoin Retraces Significantly

Litecoin has firmly rejected the upper bound of the KRI, and smashed through the psychological $200 level, currently sitting at $195 or so. Both Kovach Momentum Indicators are still bullish, but the Kovach Chande has started to turn downwards, an ominous sign in that it has a lot of room to go. Elliott Wave analysis confirms that we are due for a pullback after such a strong push with wave 3. If we retrace further, the central moving average of the KRI at $180 will provide support, then a nested Fibonacci level at $162. The psychological and technical $200 now provides resistance. If LTC can recover from this, we'll face resistance again at $210, and $236. Next we have a relative vacuum zone up to $258, a congestion zone, $268 which is a Fibonacci level, and finally another nested Fibonacci level at $288.

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