Why Litecoin is my #1 pick right nowObserving the price action between the two vertical blue lines (the '20 to '21 bull cycle), and comparing to the trend based fib extension levels on the left, we have a blueprint for the fib levels that LTCUSD responds to. At the .236 fib, a 24% pullback. At the .382 a 36% pullback. At the .5 a 38% pullback. Then the market got super heated and it blew past the .618 and had another 38% pullback before the final push up to $413, followed by a 75% "correction".
I'm using those fib levels for my sell/buyback zones in the current bull cycle:
- The first one is at $131, but I think LTC may blow past this one since it's so close to where LTC is breaking out of the trendline and the crypto market just had a retrace.
- The second level is at $188.
- Third level at $234.
- The final level I'm aiming for is the golden trend line at around $400.
- Based on breaking out of the long descending wedge on the LTC:BTC chart, it's possible for LTCUSD to have a huge blow-off top and hit upwards of $600.
Looking at the LTC:BTC pair, (see my last post), Litecoin has a huge potential in the current bull cycle. In the '20-'21 cycle it didnt breakout against bitcoin until the end of the bull run and that breakout wasn't major. LTC:BTC is currently breaking out of a long-term trendline with significant volume.
We'll see. But one thing is for sure, LTC held up well against BTC during the recent drop from $119k to $112k, and now it's pumping steadily. Lookin' good.
What do you think?
