Litecoin Wavering

Litecoin still appears to be in the corrective phase of the 5-3 Elliott Wave. This should be completed once LTC breaks past $293. Two very bearish red candles seems daunting with respect to today’s impish bull candle, which further supports this case. The Kovach OBV is still bullish, but the Kovach Chande remains in decline showing us that short term momentum is not quite there. We have yet to test the central moving average of the KRI for some time, but the upper and lower bands do appear to be contracting finally. Again, $255 would be an optimal point of entry, but time will tell if this is too conservative.

Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here!

For daily commentary on cryptocurrencies, subscribe to our newsletter!