FX.co ★ Elliott wave analysis of Litecoin for August 9, 2023

Litecoin has broken above resistance of 83.66. It indicates that the corrective decline from 114.92 is complete and a new impulsive rally towards 131.05 is in motion. We need a break above the resistance of 94.42 to confirm the completion of the corrective decline in wave 2/ and that wave 3/ higher is in motion.

Now, bulls need to protect the low of 79.31 or the pair may fall to 71.31. It also means we will have to review the entire rally from 40.33.