FX.co ★ Elliott wave analysis of Litecoin vs. Bitcoin for November 18, 2022

Let's stay a bit longer with Litecoin, but this time we will view it versus the king of the crypto world Bitcoin. Litecoin vs Bitcoin bottomed in mid-June at 0.0017. That means on June 13, 2022, you would need 0,0017 bitcoin to buy 1 Litecoin. Today you would need 0.0037 which means a rise of more than 100% in Litecoin's favor. This is why we have focused on Litecoin rather than Bitcoin in the last few months. We think that Litecoin continues to have the upper hand and could after a temporary pause near 0.0041 see more upside towards the 0.0052 - 0.0056 area where we see strong resistance coming in. After a more prolonged consolidation below this area, a breakthrough wouldn't come as a surprise. We expect a continuation towards resistance near 0.0072 or close to a 400% rise in Litecoin over Bitcoin.

So, for now, Litecoin may be one of the smaller cryptocurrencies, but it acts as it's the king of the crypto world right now.