Unfortunately, Charlie Lee (creator of Litecoin) has gradually come out of the 2017 bull market for a lot of criticism. But let's face it, he did well!
The graph shows a weekly view.
What strikes me for the first time is an Adam and Eve figure that has been forming since the beginning of 2018, which looks even nicer on a monthly view. This figure alone shows a target price of around ~ $ 730. On the graph, the yellow square indicates the location of the target price. Interesting coincidences can be observed at fibonacci levels. Just as the level of 0.618 in the bull market in 2017 and the previous (2013) peak represented resistance, so now the price is struggling with the FIBO level of 0.618. It is expected that similar protracted movements can be seen around the top. If we manage to leave behind the previous top in 2017, (probably one will test back) then we can expect very fast upward movements. So the $ 730 range from the Adam - Eve formation is the goal. However, overturning the previous top in 2013, the exchange rate rose by another 550%. If that happens now, an exchange rate of ~ $ 2,400 is unthinkable.
It is also striking that the exchange rate fell so much after the 2017 top that even the previous 2013 top could not hold. Even under it, it fell nearly 60%. There has been a 94% drop since the 2017 top. So if I take these as a basis, I’d rather wait for a conservative top around $ 730 than $ 2,400. Actually, that would be nice too! Then after the top, we can smoothly fall below the 2017 top again to as high as $ 140.
Here, too, ascending cycles are typical. The lines indicate the resistance and support zones.
The Adam and Eve figure can smoothly bring the ~ $ 730 level. The big question is when to reach this rate. If it is fast enough and the bull market in the traditional sense is still going on, a much higher exchange rate is conceivable, although I see a less chance of that at the moment.
Who is looking for a buy opportunity: another stabbing to $ 170 or possibly to the previous neckline to the $ 140 level is not ruled out.
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Non-financial advice. Trading in cryptocurrencies is risky and can result in losses.
Translated with Google Translator