Elliott wave analysis of Litecoin for May 17, 2023
May 17, 2023 6:24 am
Litecoin has been locked in a corrective consolidation since mid-February where Litecoin peaked at 105.67. This consolidation now appears to be complete and a new impulsive rally towards at least 131.05 is in the cards.
We will be looking for a break above minor resistance at 93.94 as confirmation that the wave 2 correction has completed and the next impulsive rally is in motion for the expected rally towards at least 131.05 and likely higher longer term.
The material has been provided by InstaForex Company – www.instaforex.com
Litecoin has been locked in a corrective consolidation since mid-February where Litecoin peaked at 105.67. This consolidation now appears to be complete and a new impulsive rally towards at least 131.05 is in the cards.
We will be looking for a break above minor resistance at 93.94 as confirmation that the wave 2 correction has completed and the next impulsive rally is in motion for the expected rally towards at least 131.05 and likely higher longer term.
The material has been provided by InstaForex Company – www.instaforex.com
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