Thursday | 20th December 2018

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/btcethltc191218

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

BTC has just completed a minor degree 5-wave up sequence but this rally is by no means over. The decline from the overnight high of $3907.42 is thus seen as a correction and ideally this decline terminates within $3509.65 - $3557.10 and resumes its upward recovery. 

If this sequence pans out as scripted, the next rally will be even more pronounced as it is likely a (iii) wave advance. The idea is, therefore, to position for a massive rally ahead.           

 TRADE IDEAS

ETH/USD

Similarly, ETH powered to a 2-week high of $107.25 overnight before coming under profit-taking. Just like BTC, ETH too ended a lesser degree 5-wave rally and this morning decline is seen as a correction and could extend lower towards the $92.01 - $93.38 bracket before resuming its climb.

So far, the recovery in ETH appears sustainable and if the wave count is correct, we should see a break above the overnight high – at the very least. In this respect, the wave count in ETH differs slightly from those seen in BTC in that while a lesser degree 5-wave rally is apparent, the next higher degree count suggests that the next rally is potentially a wave 5 and may not be as aggressive as in BTC in the next phase. 

Nonetheless, we should still see a resumption of the rise from $80.57. The idea, therefore, is to buy on the current pullback by way of scaling in.              

TRADE IDEAS

LTC/USD

To date, LTC remains the most stable of the three cryptocurrencies tracked. This assessment is evident in that LTC appears to have completed both a lesser and a higher degree 5-wave rally which ended at $31.36 last night. 

As such, the pullback that is currently unfolding may not dip as deep as those expected in BTC or even ETH. It is possible, the current corrective decline may find a bottom within $27.24 -$27.94 before resumsing its climb. 

Despite this assessment, the levels to scale in buying should not be as aggressive as BTC. As such, the first level of buying is the 50.0% Fibonacci retracement of the current up A-B sequence based on the hourly time frame with progressively lower buy orders lined up as suggested in the trade ideas below. 

If we missed buying, so be it.        

TRADE IDEAS