FX.co ★ Elliott wave analysis of Litecoin for August 31, 2022

We continue to see the building of a Shoulder/Head/Shoulder bottom. To activate this bottom formation, we will need to see a break above the neckline resistance at 65.77 which will call for a rally towards the formation target at 85.27 and possibly even higher to the extension target at near 100.

We see support at near 52. This support will ideally act as a floor for Litecoin as it moves higher to test the neckline resistance and ideally break through for the expected rally towards 85.27 and above.