Last Saturday, we offered two opposite targets, one bullish, and the other bearish, suggesting that LTCUSD first rise to hit our 23.357 bullish target, then would be declining.
We are glad to say that it did just that, by first hitting the bullish target dead on (See the trade here using TradingView.com replay feature: tradingview.com/v/NQP6aiNs/).
Immediately after that dead-on hit, price folded to test a prior structure low (18.457), then bounced to a numbing consolidation range.
The pattern trader might possibly see the nascent formation of a Bat with its A-B-C root just formed, however, the C-D leg would probably require a bullish outlook to buoy the next candles to a pattern completion. Instead, our predictive analysis remains quite bearish and making that pattern completion scenario a low probability event.
OVERALL: Looking at the week ahead, 15.565 remains a high-probability target, as our analysis has not changed in terms of direction and forecast.
Cheers,
David Alcindor | 4xQuad.com Predictive Analysis & Forecasting
--------------------------------------------------------------------------------------------- NOTE: No, not fork casting, but we have manners at the table. Plus, we can talk, meet and greet over honey and tea with civilly:
Disclaimer from Bob Lobb Law: All of our analyses are for educational purpose only. The forecasts, analyses and opinions generated herein are not trading recommendations. Want to trade? Then, do your own due diligence first, seek professional advice from a licensed professional and enter the market at your own perils - 4xQuad, LLC.
The 15.565 forecast remains in force, albeit with a cautionary $16.4 intermediate target.
If and when price lands at the 16.4 and does not seem to persevere any lower, then consider moving your stop-loss slightly above the 38.2-Fib mark (in fact, 2.3 of the way between the 0.382-Fib and 0.500-Fib mark), to ensure profit taking in case of such adverse price excursion.
This is all educational, and trading Forex can be detrimental to financial, marrital and professional health according to Bob Lobb Law, so trade at your own peril, right?
From Twitter/LinkedIn:
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LTCUSD #litecoin fell as forecast; Broke 3.20 floor; Bears still in charge:
LTC USD #bitcoin #cryptocurrency
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David Alcindor