Litecoin Pulls Back from Relative Highs

Litecoin has pulled back yesterday for technical and fundamental reasons. Fundamentally, we saw the fork for Litecoin Cash (LCC), which offered holders 10 LCC for every 1 LCC. Technically, strong resistance at $236 presents from a nested Fibonacci level, and the upper bound of the KRI. Also, LTC has made a terrific bull run, appreciating by 45% or so from its previous range at $162. The band width of the KRI has expanded significantly, and the technical and fundamentals are still generally in LTC's favour. We seem to have potentially entered wave 4 of the next impulse wave, though we must at some point break new highs to validate the new impulse wave. Currently, LTC is sitting at $221, and will have support from $210. This level was highlighted in the last newsletter, and indeed LTC found support exactly at this point. Further, we have support at $200, and unless there is a catastrophe, it is unlikely we will breach this level again any time soon. The nested Fibonacci level and current upper bound of the KRI at $236 is the target to break. As we have also predicted here, LTC has indeed had troubles here. After that, we can expect resistance at $258 a congestion zone, $268 which is a Fibonacci level, and finally another nested Fibonacci level at $288.

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