Litecoin Ranging, Looking to Breakout

Litecoin advanced slightly, currently at $215, finding strong support from the central moving average of the KRI at this level. Both Kovach Momentum Indicators remain bullish appear to be picking up, portending a breakout. On 30-minute charts, higher lows seem to be bouncing off support from a trend line, building up pressure to breakout furher. 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 lower bound of the range LTC has established at $208, could serve as a great entry opportunity. The psychological and technical $200 level seems very strong and will also 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.

Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here!

For daily commentary on cryptocurrencies, subscribe to our newsletter!