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