Technical Analysis

Litecoin Is Eyeing 50-40 Support ZoneOct 11, 2023

Litecoin Is Eyeing 50-40 Support Zone from technical point of view and from Elliott wave perspective.

Litecoin with ticker LTCUSD is still in a sideways consolidation within uptrend on a daily and weekly chart after recent decline, with current price testing the major trendline support connected from 2020 lows. As long this one holds, there is a chance for recovery still, ideally up into higher degree wave D once current wave B of D is finished.

Litecoin Is Eyeing 50-40 Support Zone LTCUSD Daily Chart
LTCUSD Daily Chart

For now this wave B is still underway with subwave (C) that has to be made by five waves down from 115. So if we are correct then the market is now in corrective subwave 4 bearish triangle pattern, from where final leg down can show up, and then we can ideally expect a bottom near $45-50 area, at 138.2% Fib extension. Bulls can be considered only if suddenly jumps back above 87 level.

Litecoin Is Eyeing 50-40 Support Zone LTCUSD 4H Chart
LTCUSD 4H Chart

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