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..
@likelyjockey, I dont know anything about the project and fundamentals my friend but the chart looks bad. Its failed the lowest support and now its in uncharted territory, it could drop much further since the floor has been taken out.
@vici9, what a dream....would be great but I can't see the MC at 1.680T on its own.
Swenpai
⋅
Even though im LTC myself and i wish this to become true, i dont see any bullrun coming for anyone soon. I'm European and i know we arent the biggest player in crypto but looking at the state of our economy i feel like we're walking a very thin line with on one side inflation rates skyrocketing and the other side the huge sovergein debt in southern europe. Both trying to pull us into financial oblivion either way its going to punch a huge dent in retails spending power. Like i said i hope to be in the wrong but these prices seems very unlikely to me.
The debt crisis, the 'Europe has no winter fuel' headlines, load of codswallop. Reserves are stocked to the gunnels. But Italy is dragging down the EU! Italy is sitting on a mountain of Gold reserves. If they wanted to they could really damage their debt obligations. Greece - remember them? 2008? Headlines 'Greece is finished'. No one dares talks about Greece today... reuters.com/markets/europe/greek-economy-expands-23-qq-q1-rebound-pace-picks-up-2022-06-07/
Greece is the envy of every other European country at the moment. How did they do this? They went to the bottom, the utter basement. From there the only way was up. That is now where Bitcoin is at.
Swenpai
⋅
@without_worries, hey fellow EU thanks for your reply! I glanced through the article and will give it a propper read soon, but you're right its weird that no one talks about this. Seems like theres lots more to read into.
Im still a bit skeptical about LTC to 5k (unless its a way of saying theres a hyperinflation coming our way :) ), but only time will be able to tell what will happen, if you turn out to be right though i will become your patriot. For now i will keep DCAing.