Litecoin - five wave structure

Litecoin - five wave structure
LTC/USD COINBASE:LTCUSD
Conotoxia

It seems that the price of Litecoin has finished a five-wave downward structure which has been created since mid-August. According to the Elliott wave theory after the impulse wave, we could be expecting at least an upward correction.

The first possible confirmation of such a scenario would be the breakout of the downward trendline. If it is broken we would expect a Litecoin appreciation to the nearest possible resistance level at 51,61 USD.

The nearest key support is located at 42,08 USD.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.

Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.

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