Wednesday | 24th October 2018
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/btcethltc231018
My core strategies refer here: http://bit.ly/taicorestrategies
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
You can also follow my FITS:
Facebook - http://bit.ly/danielang_fbpg
Instagram - http://bit.ly/danielang_ig
Twitter - http://bit.ly/danielang_twitter
Steemit - http://bit.ly/danielang_steemit
BTC continues to flatline after last week’s spike in volatility. Going forward, the view is BTC is more likely to fall than rising significantly.
At most, allowance is for another rally attempt to challenge last week’s high of $6722.61 before a waterfall-like drop.
Based on the near-term wave count, the likelihood of an imminent fall is good, but only a break below $6331.16 and $6088.14 would confirm this short-term bearish assessment.
As mentioned previously, an eventual break below the year’s low at $5738.77 is anticipated. And a fall below $4000 in BTC is not inconceivable.
If so, this is most likely the last leg of a year-long fall from last December 17 high, and an critical bottom is in sight.
ETH seems to have more actions comparatively. In the 4-hourly time frame, a minor triangle can be seen, and if this view is correct, a resolution to the downside is right ahead.
If this assessment is accurate, an eventual fall to somewhere between $124.00 - $125.00 is a distinct possibility.
But until the rest of the major coins stabilize, it might be difficult for ETH to recover meaningfully. The worst-case scenario is a fall towards $34.50.
Whether or not, ETH fall as deep suggests that this anticipated fall is seen as a terminal one, and a lasting bottom in ETH is expected.
Increasingly, the odds are shifting for cryptocurrencies and buying is becoming attractive.
Like BTC, LTC may or may not attempt another rally to challenge last week’s high of $56.40.
In the event of an immediate break below $50.49 and $$49.55, the odds of another rally attempt are eliminated in the current sequence.
As maintained all the while, the anticipated fall has the potential to take out the year low of $46.91.
Over the medium-term, a move to challenge the September 15, 2017 low of $32.48 is not impossible.
But honestly, this level should hold. Sub-$ 40 in LTC looks very attractive to buy.
Like BTC and ETH, LTC is likely in a final decline and should bottom out somewhere between $32.48 - $ 35.50.