Litecoin Faces Strong Resistance

9 Feb 2022

Litecoin has retraced sharply from highs at $141. We smashed through the first level of support at $134, but have found footing at $130, exactly as we predicted in the reports yesterday. From there, we saw a nice pivot back through the vacuum zone above $134, but are unable to test $141, and likely will not for now. It appears that we are forming a sideways corrective pattern, possibly a triangle continuation. Several red triangles on the KRI are confirming resistance on the way to $141. The Kovach OBV has turned sharply bearish, but does appear to be leveling off as LTC finds footing. If those levels in the $130's are unable to hold, then beware of the vacuum zone to $124. If we are ablet to break $141, then $147 is the next target.