empty
14.03.2023 08:33 AM
Elliott wave analysis of Litecoin for March 14, 2023

This image is no longer relevant

The correction from the 105.67 peak became much deeper than expected. Therefore, we have been reviewing our possible counts and have updated our preferred scenario as follows. This count still calls for a much higher upside. The count shows that an expanded leading diagonal unfolded from the 40.33 low to the 105.67 high as wave 1 and the following deep correction is wave 2 or part of wave 2. We preferred wave 2 to be complete with the test of 65.71 or the 61.8% corrective target of the distance travelled from the low at 40.33 to the peak at 105.67.

In the short term, we will be looking for a break above resistance at 90.50 confirming that the decline from 105.67 was corrective and likely has been completed and a new test of the former peak should be expected soon.

In the longer term, we will be looking for much higher levels with 171.43 being the next major upside target to look for.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

US Securities and Exchange Commission approves listing standards for crypto exchange-traded funds

Bitcoin and other cryptocurrency assets surged following news that the US Securities and Exchange Commission (SEC) has fast-tracked approval of listing standards for cryptocurrency exchange-traded funds (ETFs), quickly laying

Jakub Novak 15:21 2025-09-18 UTC+2

Trading Recommendations for the Cryptocurrency Market on September 18

During the Asian session, Bitcoin stopped just one step away from the 118,000 mark, although only yesterday, after the Federal Reserve's rate decision, BTC had updated the level of 114,800

Miroslaw Bawulski 08:59 2025-09-18 UTC+2

Crypto market: what else drives Bitcoin's trend besides Fed's interest rates

The main event of the week — and of today — is the Federal Reserve's policy meeting. As market participants brace for the interest rate decision (scheduled for 18:00 GMT)

Jurij Tolin 16:57 2025-09-17 UTC+2

Trading Recommendations for the Cryptocurrency Market on September 17

Bitcoin is knocking on the $117,000 level, while Ethereum isn't feeling too confident, trading around the same levels as at the week's start. While markets await a rate cut from

Miroslaw Bawulski 08:53 2025-09-17 UTC+2

Trading Recommendations for the Cryptocurrency Market on September 16

Yesterday, Bitcoin slipped down to the $114,600 area and spent most of the day there. Today, however, active buying with the opening of the European session is an encouraging sign

Miroslaw Bawulski 08:50 2025-09-16 UTC+2

Bitcoin aims for breakout to $117,000

Bitcoin continues to gain bullish momentum. At the time of early European trading, it has once again returned to its weekly high around $116,800. Ethereum has also seen solid gains

Jakub Novak 12:03 2025-09-15 UTC+2

Trading Recommendations for the Cryptocurrency Market on September 15

Demand for Bitcoin remains at a reasonably high level. Given that the weekend passed with no major corrections and that we have a Fed meeting and potential rate cuts ahead

Miroslaw Bawulski 09:04 2025-09-15 UTC+2

Is There a Chance for Another Explosive Growth in the Crypto Market?

For now, Bitcoin continues to react positively to US inflation data, preparing to enter a new bull cycle. However, one of the key crypto exchanges published a report yesterday warning

Jakub Novak 09:22 2025-09-12 UTC+2

Trading Recommendations for the Cryptocurrency Market on September 12

Bitcoin renewed its weekly high today, reaching $116,300. However, it's still too early to say the previous bear cycle is broken. To do that, price needs to firmly break through

Miroslaw Bawulski 09:17 2025-09-12 UTC+2

Ripple Has the Potential to Strengthen Today Despite the Appearance of Divergence in the RSI. Friday, 12 September 2025.

[Ripple] – [Friday, 12 September 2025] The Golden Cross condition of the EMAs, along with the RSI being in the Neutral-Bullish area, means Ripple has the potential to strengthen throughout

Arief Makmur 08:08 2025-09-12 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.