Litecoin joins the ranks of cryptocurrencies that are currently breaking down. Kovach Momentum Indicators are bearish at all levels except for the Kovach OBV, which still seems to indicate long term momentum, which is the only silver lining. Elliott Wave analysis is predicated on momentum, and we must accept the fact that at this point we are in a persistent corrective cycle. We have broken strong support levels from below including $176. We’ve crossed the vacuum zone below and appear to be considering $162. After that, there is another vacuum zone to $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.
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