FX.co ★ Elliott wave analysis of Litecoin for August 7, 2023

We are finally seeing a possible bottom formation in the form of a S/H/S bottom. A break above minor resistance at 83.77 will activate the bottom formation for a rally towards 87.89 and above. In the longer term, we need a break above resistance at 94.42 to confirm that the corrective decline from 114.92 is complete and a new impulsive rally towards 131.05 is in motion.

Only an unexpected break below support at 80.72 will extend the corrective decline closer to 78.72 before moving higher again.