Earlier today (25 JAN 2014), we offered the possibility of a rally to occur up to, but limited by, the underbelly of the recent bullish trendline. Turns out that this very scenario just played out perfectly, and bears appear now ready to start digging.
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 bearish market conversion confirmation.
OVERALL:
Bears have the upper paw at this point, and there is very little bullish quality left in the chart to suppose a bullish counter-scenario could occur given the technical profile. One caveat is that bulls could use the underbelly of the rising trendline as a backstop and push price a little higher, but expect a very limited gain as our forecast favors a bearish dominance at this point.
Cheers,
David Alcindor | 4xQuad.com
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Follow us via Twitter: @4xForecaster
Check our charts in TradingView.com: 4xForecaster
Like Us! on Facebook: www.4xQuad.com
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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 bearish market conversion confirmation.
OVERALL:
Bears have the upper paw at this point, and there is very little bullish quality left in the chart to suppose a bullish counter-scenario could occur given the technical profile. One caveat is that bulls could use the underbelly of the rising trendline as a backstop and push price a little higher, but expect a very limited gain as our forecast favors a bearish dominance at this point.
Cheers,
David Alcindor | 4xQuad.com
---------------------------------
Follow us via Twitter: @4xForecaster
Check our charts in TradingView.com: 4xForecaster
Like Us! on Facebook: www.4xQuad.com
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