Litecoin Smashes Through Support

Litecoin has topped out at $134 before sharply retracing to support at $120. We saw quite a bit of resistance near highs confirmed by several red triangles on the KRI, and we were very vocal about this, to warn bulls to ease off. Sure enough, we saw a sharp selloff soon after. The Kovach OBV has turned over sharply, confirming the selloff. If support at $120 does not hold, then $114 is our next target, then $109, then $105. It is doubtful we will see any significant momentum come through for now and $134 is likely to remain a ceiling for now.