Litecoin retraced to the central moving average of the KRI, which coincided with psychological support at $200. It has since rebounded back to the lower end of the range it was holding at $210. Both Kovach Momentum Indicators remain bullish but the Chande has stalled and has levelled off. A consistent theme throughout all cryptocurrencies covered here is that we need more momentum to confirm entry into wave 3 of the impulse of the Elliott Wave. Levels from below include $210, then the psychological and technical $200, which corresponds with the central moving average of the KRI. Beyond that we have $189 and $176, then a nested Fibonacci level at $162. When momentum reignites, LTC must break $220 before considering $236 again. We have broken down from a horizontal channel, which is not encouraging.
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Litecoin found support from the $162, a level identified in the last writing, and many more before that. LTC rejected those lower prices and has made a rebound. This is confirmed by a green triangle on the KRI, suggesting prices are likely to continue on this uptrend. This is possibly a transition to the next segment of the Elliott Wave, but more momentum will be needed to confirm this. Levels from below include $189, $180, and $176. The fact that they are so narrow, suggests strong support at current levels. From above, we appear to be ready to make a run for the psychological $200 level where we will face strong resistance from a nested Fibonacci level and the central moving average of the KRI. After this, the next levels from above include $206, $208, and $216