Monday | 14th January 2019
Everyday is a Potential Payday if you Master the Art of Trading - Daniel Ang
Good Day all my beloved students & steemians. Inside this daily commentary I will share the short-term technical outlook and trade ideas for Bitcoin, Ethereum and Litecoin.
Previous commentary refer here: http://bit.ly/btcethltc110119
My core strategies refer here: http://bit.ly/taicorestrategies
WARNING
Do not attempt to use any of the trade ideas contained within unless you have attended my classes and understood the risk and money management behind these ideas.
Full Disclaimer refer here: http://bit.ly/tai-disclaimer
Want to own Bitcoin rather than ETF trading, check the two link below:
Honey Miner : https://honeyminer.com/referred/59hvc
CryptoTab : https://get.cryptobrowser.site/2402149
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BTC/USD
Despite another sharp selloff yesterday, the overall outlook for BTC remains unchanged.
With this latest decline, we now have a neat 5-wave decline from $4095.71. If the current shallow rebound can hold, the 5-wave decline could have bottomed out at $3472.02 overnight.
At the very least, such a rebound should extend towards the next supply zone at $3762.72 - $3872.13. Overall, the entire decline from $4095.71 is probably the wave (ii) (see 4-hourly chart).
Whatever the case, the end of wave (ii) could potentially see a sharp rally towards the projected target $5260.50 or more likely towards $5495.76 - $5636.63.
TRADE IDEAS
ETH/USD
The overnight selloff in ETH was brutal as the second set of buy signal was invalidated once again. But despite the unsuccessful re-positioning of long positions, the overall outlook for ETH is mostly unchanged.
Like BTC, the entire decline from $159.65 is seen as a correction and that such a drop may have ended at the overnight low of $112.94.
If so, we should see an initial rebound perhaps to $122.82 - $124.62 – at the very least.
Over the medium-term, such a rise could extend significantly towards wave (B) (see hourly chart) at $148.49 - $150.62 which coincide with a supply zone at $148.51 - $151.98 in the 4-hourly time frame.
TRADE IDEAS
LTC/USD
Unlike BTC and ETH, the near to medium-term outlook for LTC is more enduring as there has been no invalidation of the near-term bullish outlook throughout the episode in which crypto assets values were largely sold off last week.
Like ETH and BTC, there is a good chance the corrective decline may have also ended at the overnight low of $29.35.
If so, we should see the resumption of the rise from last December low of $22.08. Initially, LTC could rise towards the next supply zone at $32.21- $32.63 (see hourly chart).
But over the medium-term, there is every potential that any rally could extend towards $48.48 - $49.58.
TRADE IDEAS
