Elliott Wave

Elliott wave analysis of Litecoin for October 25, 2022

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Our preferred scenario for Litecoin shows that wave 2/ completed at 48.41 but we need a break above resistance at 55.94 to confirm the low and a rally to the neckline resistance near 65.10. Only a break above here will confirm a long-term corrective low being in place for the next strong rally higher to 97.38 and likely even closer to 116.85.

In the longer term, a break above the neckline resistance will indicate a new impulsive rally towards the former peaks in the 375 – 400 area.

The material has been provided by InstaForex Company – www.instaforex.com