FX.co ★ Elliott wave analysis of Litecoin for August 4, 2023

Litecoin has now tested the expected support at 81.73 and should be rejected for a rally past resistance at 86.80 confirming that the correction from 114.92 finally has been completed and a new impulsive rally towards 131.05 is in motion.

That said, we need the break above minor resistance at 86.80 to confirm the new impulsive rally. As long as this resistance is able to cap the upside, a firmer test of 81.73 can not be excluded, but it should be short-lived.