Litecoin Looking to Breakout

Litecoin seems to be establishing a narrow range with a lower bound of $210 or so, currently hovering just below $220. Both Kovach Momentum Indicators remain bullish and are still accelerating. Elliott Wave analysis suggests we are in wave 3, but more momentum will confirm this. Levels from below include the psychological and technical $200 and $210. Next, we have the central moving average of the KRI at $198 that will provide support, then a nested Fibonacci level at $162. Levels in between include $189 and $176. This narrowing range suggests that LTC appears to be gunning for $236 again, and we appear to roughly have a bull wedge pattern on 30-minute charts which may provide confirmation. If we can break that level, we have a relative vacuum zone up to $258, a congestion zone, $268 which is a Fibonacci level, and finally another nested Fibonacci level at $288.

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