Technical Analysis - Litecoin

Litecoin like the majority of cryptos took a sharp turn down early this morning. My thoughts are that the market was reacting to the major theft in the Japanese cryptocurrency markets involving NEM coins through the Coincheck exchange where roughly $400 million worth of cryptos were reportedly stolen. However the drop in the price of Litecoin reversed when it hit the prior low around $165.96 which is also the .618 regression line from the previous move. Look to see a healthy move upward but don't expect it to break out of its current trend for awhile. I am still on the belief that we will see a big move up within the next two weeks by the February 5th deadline.

If you want to read more about the massive cryptocurrency theft in Japan you can find more information here.
https://steemit.com/cryptocurrency/@ricjames/cryptocurrency-news-jan-26th