02.01.202307:10 Forex Analysis & Reviews: Elliott wave analysis of Litecoin for January 2, 2023

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Litecoin has rallied nicely and is now fighting with resistance at 71.50. Once this resistance is broken, nothing will stop the rally up to 79.78. A break above this level calls for a continuation of the uptrend toward the 121.80 target.

In the short term, we can see that the cup and handle pattern is being formed. A break above the resistance at 71.50 will open the way to the upside and will enable the rally to continue towards 79.78 and above.

Support is seen at 69.19 which is expected to act as a floor for the break above 71.50.

Torben Melsted
Analytical expert of InstaForex
© 2007-2025

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade