Technical analysis of Litecoin for October 8, 2021

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Litecoin is showing the first signs of upside acceleration as we would expect it within Livermore's accumulation cylinder. Litecoin is likely to move all the way to resistance in the 491 - 567 area before complete point 6 of Livermore's acc. cylinder and setting the stage for a decline in point 7. Ideally, point 7 will move all the way down to the support line, but it does not have to do so. We have lots of examples, where the decline in point 7 of the acc. cylinder terminates in the middle of the cylinder before taking off in the blow-off phase to much higher levels way above 567.

The material has been provided by InstaForex Company - www.instaforex.com

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