Litecoin Pulls Back from Highs

Although LTC has broken new highs again at the psychological level of $350, it has faced a sharp pullback to $286 at the time of this writing and has retraced all of these gains. We are likely to see more pullback and consolidation at this point into a dragon head pattern, as LTC acclimates to its new heights. If we see a retracement we will likely find support at Fibonacci and nested Fibonacci levels of $270 and $255, respectively, though we may easily see the upper $100 handle again and still be in ‘bull mode’. Any test of these levels should be considered a buying opportunity.

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