Litecoin Gaining Strength??
Litecoin has potentially bottomed out, with a double bottom at $264, one of our technical levels. We have nearly perfect agreement between our technical levels and our newly drawn Fibonacci levels which suggests that these will provide strong support or resistance. This selloff seems to be a corrective wave of a 5-3 Elliott Wave. If so, we anticipate a breakout soon. If not, we are likely to retrace the entire rally back to $227 or lower. Two red triangles on the KRI confirm support at $264, however, and we have seemingly solidified the $300 handle for now. Our next major levels and price targets are $340 then $374. The Kovach OBV and Chande are picking up suggesting momentum may be returning.
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