29.12.202207:58 Forex Analysis & Reviews: Elliott wave analysis of Litecoin for December 29, 2022

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Litecoin is now testing the former resistance, which now is acting as support near 66.30. This support should reject the test of renewed upside pressure through minor resistance at 67.59 as confirmation that the corrective decline from 71.50 is completed and a new impulsive rally past 71.50 is unfolding for the continuation towards 84.89 and ultimately higher towards 96.90 and 121.68 as the next upside targets.

Only an unexpected break below support at 64.28 will invalidate our bullish outlook and a call for a retest of the 61.27 low or slightly below, but the downside potential should be very limited.

Torben Melsted
Analytical expert of InstaForex
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