Litecoin Breaks Down

Litecoin has finally broken down through the lower bound of the range it has been holding since the end of May. We saw strong support from $61.75, but this caved yesterday, and we have since broken into the vacuum zone between $55.84 and $61.75. We do appear to be seeing a bit of a bull divergence in the Kovach OBV, which appears to have picked up, but the rest of the market is looking fairly weak, so we don't foresee much strength come through, and even if we did, $61.75 should provide strong resistance and should be considered a hard upper bound for now. Our next target from below is $55.84.