Litecoin Marches On!!

Litecoin continues to edge up, but is facing resistance at $280, a significant technical resistance level and the neckline of our inverse head and shoulders pattern. Both Kovach momentum indicators are overbought here, suggesting that it is highly likely to retrace soon. We will see support at $264 and $251. In the longer term, bull momentum seems to have returned to the crypto market so it is only a matter of time before we break out from the $280 barrier. The next significant level is $291, and then we will be in a position to cross the vacuum zone and achieve relative highs again at $322.