Litecoin Pulls Back

Litecoin joins the ranks of Cryptos currently in the corrective phase of the Elliott Wave. This is confirmed by a bearish Kovach Chande Indicator, though the Kovach OBV still confirms long term momentum is bullish. LTC has been pressing the upper bound of the KRI since early in December, so a rejection was inevitable. We are currently hovering around $320, but the two big bear candles are foreboding. There is strong support around $255, which corresponds with a collection of daily lows from mid-December. This should be considered a great point of entry.

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