Litecoin Dragon Head Breakout Soon

Jan 2, 2018

Litecoin has remained sluggish, commensurately with Bitcoin, ranging at around $240 at the time of this writing. We do appear to be forming a dragon head pattern, so a breakout can be expected, though LTC seems slow to get the memo. We have tested and rejected the lower bound of the KRI, which is a good sign for LTC bulls. The Kovach OBV has remained bullish, and the Kovach Chande appears to be turning from a bearish run which indicates the time might be nigh to add to a position. We have strong support from below at $236, a nested Fibonacci Level, and face resistance from above at $272, the central moving average of the KRI, and a nested Fibonacci extension level at $288. We do appear to be starting Wave 3 of the impulse of a 5-3 Elliott Wave, though it has gotten off to a very unimpressive start.

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