A structure low at 0.024 will probably offer a soft support compared to 0.022 and especially 0.024 levels. While it may not be a straight path down to the bear cave, bulls will likely cede to what appears to be a strong market conversion confirmation.
Bears have the upper paw at this point, and there is very little quality left in the chart to suppose a counter-scenario could occur given the technical profile. One caveat is that bulls could use the underbelly of the rising as a backstop and push price a little higher, but expect a very limited gain as our forecast favors a dominance at this point.
David Alcindor | 4xQuad.com
Follow us via Twitter: @4xForecaster
Check our charts in TradingView.com: 4xForecaster
Like Us! on Facebook: http://www.4xQuad.com
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)
Signal Service or Private Course - Contact: MarketPredictiveAnalysis@gmail.com
All updates on https://twitter.com/4xForecaster
The chart posted a bearish reversal confirmation. The targets posted back on January 25th remain valid and intact. Unless our signal reverts from a Bullish Confirmed to a Neutral, expect price to decline to the 0.022 levels defined. The 0.020 has become less probable. Major structure to overcome at this point is the low defined at 0.024. Expect a shallow 0.382 retracement from that level. If a third attempt at 0.024 is made without 38.2 reversal, it would confirm added internal bearish strength and added support to our forecast - David
It's not a pair that should be relied upon, but it's absolutely capable of putting a trader in an extremely advantageous long position where both LTC and BTC are rising, and they've bought at the bottom of the LTC/BTC pair -- kind of like the junction we're slamming head first into ;)