FX.co ★ Elliott wave analysis of Litecoin for August 21, 2023

Our preferred count shows that wave 2 finally found its competition with the test 57.40, so a new impulsive rally should be now expected. Due to the large spike down to test 57.40, we will need a break above minor resistance at 75.30. It will serve as a strong indication that wave 3 is in motion for a rally towards 131.05 and possibly higher.

In the short term, we see support at 63.11 that ideally will be able to protect the downside for the expected break above 75.30 to push the price higher towards 85.32 and above.