Following the cryptocurrency rampage this weekend, Litecoin prepares to make new highs. The Kovach Momentum Indicators are solidly bullish
, and it has solidly pressed the upper bound of the Kovach Reversals Indicator and is pressing onward, pushing past resistance from yesterday (as indicated by the red triangle). Trend lines
show places of support, and we've broken out above the Fibonacci anchor point, the extensions being in the $100 handle, which finally seems to be a reality for LTC. In fact, $100 is a huge psychological level and will indicate new all time highs, so watch for it to test this level before a retracement.
Finally, we appear to be in wave 3 of the impulse of a 5-3 Elliott Wave
. Anticipate more bull momentum after a brief pullback.
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