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19.10.202307:30 Forex Analysis & Reviews: Elliott wave analysis of Litecoin for October 19, 2023

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Litecoin remains under pressure and is now testing the lower border of the support area between 60.00 and 61.78. We might see prices spike from the lower border at 60.00, but these spikes are likely to be short-lived. Ultimately, we should see minor resistance at 62.84 be broken indicating that the corrective decline from 67.91 has completed and a new impulsive rally is ready to unfold.

The only demand to this scenario is that support at 57.69 remains untouched as a break below here will force an alternative count.

Torben Melsted
Analytical expert of InstaForex
© 2007-2024

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