Friday | 26th 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/btcethltc251018
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.
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It’s almost a full week and yet, there is hardly any action in cryptocurrencies. BTC continues to meander aimlessly.
But by and large, the view is that BTC is more likely to fall. Wednesday’s rally attempt to challenge last week’s high of $6722.61 has unravelled and BTC is back to scrapping the lower end of recent conoslidation ranges.
However, we need a break below $6331.16 and $6088.14 to confirm this short-term bearish assessment. In the medium-term, an eventual break below the year’s low at $5738.77 is expected and an extended 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 is not doing much too. In yesterday’s update, it was noted that the consolidation in ETH appears incomplete and another rally attempt is not ruled out.
In this regard, allowance is for another rally attempt into the $203.21 - $206.67 bracket before resuming its long-term fall.
In the 4-hourly time frame, a triangle pattern originating from $253.59 could be traced. As noted for sometimes now, 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.
Similar to ETH, the consolidation in LTC appears incomplete and may require another up leg.
In the event that there is another rally attempt, the area between $56.91 - $57.26 or $57.60 - $58.08 could cap.
Otherwise, an immediate break below $50.49 and $$49.55 would signal signal that a top is in place and the long-term downtrend has resumed.
As maintained all this 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.