Litecoin Below $200

Litecoin has retraced significantly as well, breaking through the psychologically and technically significant $200 handle. Both Kovach Momentum Indicators have turned over to reflect the clout. This appears to be a corrective phase within the Elliott Wave cycle, perhaps wave 2 or wave 4. The psychological and technical $200 level remains very strong and will now provide resistance. The next levels of support are $189 and $176, then a nested Fibonacci level at $162. When momentum reignites, LTC must break $200, $208, $210 and $220 before considering $236 again. Overall, we seem to have broken down from a bull flag which is not encouraging.

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