FX.co ★ Elliott wave analysis of Litecoin for November 7, 2022

Litecoin has broken nicely above the neckline resistance near 64.00 which has activated the S/H/S bottom formation for a rally towards the S/H/S-target at 97.38. In the short term, we could see a temporary setback to re-test the neckline near 64.00 before the next rally higher towards the 97.38 target. That said, we also have to respect the strong uptrend and the possibility of a direct break higher towards the 97.38 target.

To confirm the re-test of the neckline we need a break below minor support at 67.79.