FX.co ★ Elliott wave analysis of Litecoin for June 6, 2023

Litecoin has once again surprised us and not in a good way. We were looking for a firm break above resistance at 95.00 and we did see a break above here, but a failed one, which has resulted in renewed downside pressure towards strong support at 82.60. This support must be able to act as a floor or we will have to look for much lower levels. This is not our preferred outlook and we expect this support will continue to act as a floor for a break above resistance at 89.73 and more importantly, above resistance at 93.90 that will call for a new firm test of resistance at 95.00. A firm break above here will call for more upside towards 111.40 and above.