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26.05.202306:52 Forex Analysis & Reviews: Elliott wave analysis of Litecoin for May 26, 2023

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Litecoin has spiked above the short-term key resistance at 86.89, strongly indicating that wave 2/ has been completed and wave 3/ higher towards 111.41 now is in motion. We are still very early in the new impulsive rally we are looking for, but we should see support near 85.67 acting as a floor for the next impulsive rally towards 90.60 and the more important neckline resistance at 94.90. A break above the latter will activate the S/H/S bottom for the expected rally towards 111.41 and likely above too.

Torben Melsted
Analytical expert of InstaForex
© 2007-2024

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