Litecoin Clings to Support

Litecoin has edged downwards to continuously press the lower bound of the KRI. Both Kovach Momentum Indicators have turned bearish, and this is true across the board. It is now apparent that we are in wave 2, which began February 20th when we hit a relative high. LTC is currently clinging to support at $180, after testing and rejecting $176 yesterday. This level has been explicitly identified many times here. If bearish momentum picks up, then we have more support from below at a nested Fibonacci level at $162, which has also been identified many times here. When momentum reignites, LTC must break $189, $200, $208, $210 and $220 before considering $236 again. Overall, we seem to have broken down from a bull flag which is not encouraging.

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