Litecoin Rallying

LTC has finally pulled back slightly after a breakout that saw that achieved jaw dropping gains of 45% in just about two days. It faced resistance at precisely $236, a nested Fibonacci level of which readers were aware for days. The band width of the KRI has expanded to reflect the breakout, and even with the pullback we are still testing the upper bound of this indicator, though a red triangle might indicate that the pullback may continue further. Nevertheless, due to the news event this retracement seems to be a buying opportunity. We seem to have definitively entered wave 3 of the impulse wave, and are perhaps gearing up for a brief retracement into wave 4. Currently, LTC is sitting at $214, and will have support from $210, then $200. A nested Fibonacci level at $236 will be the nearest point of resistance. After that, we can expect resistance at $258 a congestion zone, $268 which is a Fibonacci level, and finally another nested Fibonacci level at $288.


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