FX.co ★ Elliott wave analysis of Litecoin for September 14, 2022

In our article from September 5, we reckoned a test and likely a break above the neckline resistance near 62.82. Yesterday we did see that break, but it hasn't been sustained. However, as long as the price stays above support at 53.00, the bottom formation remains valid and a new attempt to break above and stay above the neckline resistance will be expected. Once the resistance at 62.82 and more importantly resistance at 67.40 is cleared, we should see a strong rally towards the S/H/S target at 97.22 and possibly even the extension target at 116.69.