Thursday | 27th 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/btcethltc261218
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
As suspected, the corrective pullback from the Christmas Eve high of $4219.16 is not over. It is even possible that recent low at $3662.09 may even be briefly taken out in the next decline.
That said, this decline is still seen as a correction and BTC is expected to eventually resumes its long-term climb from the month’s low of $3118.71. Regardless, when the current correction ends, the next target is the area between $5436.48 - $5636.63 (see 4-hourly chart).
TRADE IDEAS
ETH/USD
The correction in cryptocurrencies is still been played out. ETH continues to consolidate near recent low of $121.53.
It is possible this may be the low for this round but another decline below this level cannot be ruled out completely.
As mentioned in yesterday’s update, this correction allows the re-positioning of longs for an eventual resumption of the rally from $80.57.
As can be seen from our initial long positions from December 18 onward, while we managed to take profit along the way but each time, this market extended its climb.
This means we may have to take a slightly longer-term view.
By this, I mean, may be the 4-hourly time frame is more appropriate for timing entries and exits in order that we do not take profits too early.
TRADE IDEAS
LTC/USD
By comparison, the correction in LTC appears to be of a more complex variant. As can be seen in the hourly time frame chart, LTC has a markedly different pattern compared to BTC and ETH.
It may unfold as a minor double 3s. If so, we may see another rally attempt but this could be capped within $30.79 - $31.69 before dipping below recent low at $28.73.
The inability to rally was not unexpected. In yesterday’s update, it was suggested that recent long positions may be closed at $32.25 but alas, the rally from $28.73 frizzled out at $30.82 this morning.
As such, the next rally may presents another opportunity to close out those positions and re-position them at lower levels in expectation for the eventual resumption of the potential reversal from $22.08.
TRADE IDEAS
