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18.11.202208:13 Forex Analysis & Reviews: Elliott wave analysis of Litecoin vs. Bitcoin for November 18, 2022

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.

Exchange Rates 18.11.2022 analysis

Let's stay a bit longer with Litecoin, but this time we will view it versus the king of the crypto world Bitcoin. Litecoin vs Bitcoin bottomed in mid-June at 0.0017. That means on June 13, 2022, you would need 0,0017 bitcoin to buy 1 Litecoin. Today you would need 0.0037 which means a rise of more than 100% in Litecoin's favor. This is why we have focused on Litecoin rather than Bitcoin in the last few months. We think that Litecoin continues to have the upper hand and could after a temporary pause near 0.0041 see more upside towards the 0.0052 - 0.0056 area where we see strong resistance coming in. After a more prolonged consolidation below this area, a breakthrough wouldn't come as a surprise. We expect a continuation towards resistance near 0.0072 or close to a 400% rise in Litecoin over Bitcoin.

So, for now, Litecoin may be one of the smaller cryptocurrencies, but it acts as it's the king of the crypto world right now.

Torben Melsted
Analytical expert of InstaForex
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