FX.co ★ Elliott wave analysis of Litecoin for July 11, 2022

We see a Shoulder/Head/Shoulder bottom developing, but Litecoin needs to break above resistance seen at 55.00 to activate the bottom formation for a rally towards at least 75.00 and possibly a lot higher.

In the short term, we see support in the 49.78 - 50.65 area which ideally will be able to act as a floor for the next impulsive rally above 55.00.

Only a break below short-term key support at 47.97 will call for renewed downside pressure towards 40.33 before the next rally higher.