FX.co ★ Elliott wave analysis of Litecoin for July 13, 2022

Litecoin broke back below support at 47.97 telling us, that wave 2 wasn't done yet and more downside pressure was needed. We are currently seeing Litecoin trading around the 61.8% corrective target of wave 1. This could be enough to complete wave 2 and set the stage for the next impulsive rally in wave 3. However, to confirm that is the case, we need to see a break above minor resistance at 50.70 and more importantly, a break above resistance at 55.00 that will confirm the low is in place. A break above resistance at 55.00 will also trigger the S/H/S bottom for a rally towards the S/H/S target at 75.00