Litecoin Reverts to Lower Bound

BITFINEX:LTCUSD   Litecoin / Dollar
Litecoin swiftly rejected a breakout from the lower bound of the KRI             . Again, it seems to be hugging it at $176 at the time of this writing. Our rebound indeed seems to have faced a swift speed bump and it seems equally likely that LTC may test levels from above and below, though we have strong support from below. Elliott Wave analysis is predicated on momentum, but we simply aren't seeing much at this point. Levels from below include strong support at $176, but after that there is a vacuum zone back down to $162, and then $133. From above, we have to break $180 and $189 before considering the psychological and technical $200 level where we will face strong resistance from a nested Fibonacci level and the central moving average of the KRI             . After this, the next levels from above include $206, $208, and $216.

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