Tuesday | 30th 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/btcethltc291018
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
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After 2 weeks of non-action, the crypto market came back to life by resuming its long-term decline. Throughout this period of consolidation, it has been maintained that BTC is more likely to fall than rise.
Going forward, a break below $6331.16 and $6088.14 would confirm this near-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 fell overnight in tandem with the general weakness in crypto assets. As expected, a resumption of the long-term decline is probably at hand.
Going forward, a decisive break below $188.46 and $166.88 would confirm this bearish assessment.
Preliminary, a fall to somewhere between $124.00 - $125.00 is a distinct possibility with a worst-case scenario been a fall towards $34.50.
Whether or not ETH falls as deep, 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.
In a swoop, LTC confirmed the immediate bearish outlook with a clean break below $50.50 and $49.56 respectively.
While there is a counter-trend rise in the hourly time frame from yesterday’s low of $47.06, this counter-trend is not expected to last. Yesterday’s low at $47.06 is not far from the year low of $46.91. Again, even this low may not hold. Over the medium-term, a move to challenge the September 15, 2017 low of $32.48 is not impossible.
That said, there is every possibility this level may arrest the year-long slide. At any rate, when LTC trades below $ 40.00, it will appeal to buyers once again.
Like BTC and ETH, LTC is likely in a final decline and should bottom out somewhere between $32.48 - $ 35.50.