Elliott wave analysis of Litecoin for August 8, 2023

Litecoin needed the final spike lower to test support at 78.20. Litecoin found support already at 79.31. A new test of short-term important resistance at 83.77 may occur. Only a breakout of this level will confirm that the corrective decline from 114.92 has finally been completed and a new rally to 131.05 is unfolding.

The first test of resistance at 83.77 will likely be rejected for a small setback to 81.73. The next attempt to break above resistance at 83.77 could help the instrument rise higher.