Litecoin Crashes!! Finds Support??
Litecoin has dumped from its position in the $200 handle. It looked like we had solidified the $200's after a massive rally that bested many of the other majors. This followed an inverse head and shoulders breakout that we identified at the end of August. We do appear to be getting good support from the levels at the head and neckline of the inverse H&S, including $169 and $174. Currently, we are seeing quite a bit of volatility suggesting that we are trying to establish value at these levels. We are currently testing $184, but a red triangle on the KRI suggests that we are going to see resistance here. We are still looking technically weak, but the Kovach OBV has leveled off suggesting there is at least an attempt to equilibrate at these levels. It may be a good idea to start accumulating a position here, but if the fallout is not over, then $158 will continue to provide support.
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