Litecoin to $5k??

On the above 5-day chart price action has corrected 90% from $400 since May 2021. (Who is selling after a 90% correction by the way? The number of ‘short’ ideas on Tradingview is remarkable). Anyhoe, a number of reasons now exist to be bullish. These are:

1) The ‘incredible buy’ signal has printed. Do not ignore on this time frame.

2) Price action is currently on the 0.786 Fibonacci level.

3) The Cup and Handle formation is text book. The handle is forming a perfect bull flag. A breakout north of $120 will confirm a strong chance of hitting the $5k target.

5) Zoom into the Bull Flag on the 1-day chart (below) price action is printing a buy signal with a higher low on the Golden ratio.

Is it possible price action falls further? For sure.

Is it probable? No.

Those crazy targets suggest, to me, the dollar is in for some kind of reset. I don’t believe for a moment those targets are a reflection of the inherent value belonging to the token.

Ww

Type: trade
Risk: <=6% of portfolio
Timeframe: 6 to 18 months
Return: 100x

1-day chart

Trade active:

With the close of last week's candle a 'great buy' signal was printed.

Comment:

For the first time ever price action prints the 'incredible buy' signal on the weekly chart. Make no mistake how powerful those signals are on this timeframe.

Comment:

Price action on the weekly bounces from past resistance. Long positions now safe as houses.

Comment:

A good month ahead for this token

Trade active:

Huge move incoming for this token (blue circles).

HVWMA flips green. Look left.

Trade active:

Currently price action is up around 75% since publication.

Nothing has changed for the bigger picture. All good. Price action is about to make a significant leap in the weeks ahead. This leap will be a 10x or thereabouts from the publication date, approximately 500 dollars. This move will print the confirmation of the handle of the larger ‘cup n handle’ macro pattern.

The blue boxes on the weekly chart below is where your attention now needs to be. See the dragonfly DOJI + confirmation? So for 2020 is repeating itself.

Be patient and ignore the day to day noise.

WW

Trade closed: stop reached:

A significant break in market structure has now invalidated this idea. There is a good chance Litecoin will not be the top 50 tokens this time next year..