Litecoin Bull Flag

Litecoin advanced slightly to retrace back to technical support at $205, which coincides with the central moving average of the KRI. Both Kovach Momentum Indicators remain bullish appear to be levelling off reflecting the range. On 30-minute charts, the Chande appears to be rebounding from lows which gives us hope. 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. The psychological and technical $200 level seems very strong, and will 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 $210 and $220 before considering $236 again. Overall, we seem to be forming a bull flag which is very encouraging.


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