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25.05.202306:56 Forex Analysis & Reviews: Elliott wave analysis of Litecoin for May 25,2023

Exchange Rates 25.05.2023 analysis

Litecoin is building a bottom formation in the shape of an S/H/S bottom. We saw Litecoin spike to a low of 82.59 yesterday. This is enough corrective downside pressure to turn Litecoin higher, but we need a break above the minor resistance at 86.89 to confirm that wave 2/ has been completed and wave 3/ higher towards 111.41 is underway.

Short-term we expect support at 82,59 will continue to act as a floor for the expected break above minor resistance at 86.86.

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Torben Melsted,
Analytical expert of InstaSpot
© 2007-2024
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