Elliott wave analysis of Litecoin for August 14, 2023
August 14, 2023 6:22 am
Litecoin has tested and even spiked above support at 82.01. The failure to follow up on the spike through 82.01 indicates that the corrective decline from 85.32 is complete and a new impulsive rally is unfolding. If this assumption is correct, then a break above minor resistance at 83.39 should be seen soon for a continuation to and above 85.32 for a rally towards 110.00 and 114.92 on the way towards 131.05.
Only an unexpected break below support at 79.31 will call for more downside pressure towards 71.37, but will also force us to find an alternative count for the rally from 40.33.
The material has been provided by InstaForex Company – www.instaforex.com
Litecoin has tested and even spiked above support at 82.01. The failure to follow up on the spike through 82.01 indicates that the corrective decline from 85.32 is complete and a new impulsive rally is unfolding. If this assumption is correct, then a break above minor resistance at 83.39 should be seen soon for a continuation to and above 85.32 for a rally towards 110.00 and 114.92 on the way towards 131.05.
Only an unexpected break below support at 79.31 will call for more downside pressure towards 71.37, but will also force us to find an alternative count for the rally from 40.33.
The material has been provided by InstaForex Company – www.instaforex.com
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