Litecoin Benefits From LitePay

LTC is one of the first coins to definitively breakout, riding on news of LitePay, and benefitting from a short covering rally on top of this. Although it faced resistance at $162, it has smashed through all those respective levels to find resistance at $200, a nested Fibonacci and technical level of which readers should be well aware by now. The daily candle has expanded significantly with the breakout we have been writing about in anticipation for some time lately. We have smashed the central moving average of the KRI, and and are currently testing the upper bound of this indicator which adds to the strength of the $200 level. At this point, we seem to be in wave 3 of the next impulse wave, one of the first coins to clearly achieve this status. Although $200 is definitely the level to break, some retracement can be anticipated before then, perhaps to $180, where we have some congestion. If we can break $200, then $210 seems to be a reasonable target, at relative highs, followed by $236, a nested Fibonacci level.

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