Litecoin short term support area [Video]
|Litecoin (LTCUSD) shows a bullish sequence from 6.14.2022 low favoring further upside. Short term, rally from 3.11.2023 low is in progress as a 5 waves impulse Elliott Wave structure. Up from 3.11.2023 low, wave 1 ended at 103.41 and pullback in wave 2 ended at 71.37. The crypto currency has extended higher again in wave 3. Up from wave 2, wave (i) ended at 78.43 and pullback in wave (ii) ended at 75.73. The crypto currency extends higher again in wave (iii) towards 88.79 and pullback in wave (iv) ended at 84.48. Final leg wave (v) ended at 93.80 which completed wave ((i)). Pullback in wave ((ii)) ended at 81.84 with internal subdivision as a zigzag Elliott Wave structure.
Down from wave ((i)), wave (a) ended at 86.48 and rally in wave (b) ended at 90.25. Wave (c) lower ended at 81.84 which completed wave ((ii)). Litecoin then turns higher in wave ((iii)). Up from wave ((ii)), wave i ended at 103, pullback in wave ii ended at 89.38. Wave iii higher ended at 111.22 and dips in wave iv ended at 102.74. Wave v higher ended at 114.92 which completed wave (i). Pullback in wave (ii) is in progress as a zigzag Elliott Wave structure. Down from wave (i), wave a ended at 105.1 and wave b rally ended at 109.69. Expect wave c lower to complete at 93.7 – 99.8 which should end wave (ii) in higher degree. As long as pivot at 81.84 low stays intact, expect buyers to appear at blue box of 93.7 -99.82 for further upside.
Litecoin (LTC/USD) 2 hour Elliott Wave chart
LTC/USD Elliott Wave video
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