Monday | 5th November 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/btcethltc021118

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 

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BTC/USD

There was yet another rally attempt yesterday, taking BTC to a 2-week high at $6441.12 this morning. However, despite this development, there is still no change in the outlook for BTC. 

A tightening of the wave counts now put this morning high as the possible end of wave (c) of ii. If so, we should see an unraveling of prices below last Monday’s low of $6184.21; reaffirming the idea that the long-term decline in BTC is resuming. 

A sustained break below $6331.16 and $6088.14 would confirm this near-term bearish assessment. 

In the short-term, a move to $6000.00 is expected before resuming its slide to take out the year’s low at $5738.77. 

In an extreme case, an extended fall below $4000 in BTC is not inconceivable. Be careful about chasing this market ever lower as a significant reversal is anticipated.          

TRADE IDEAS

ETH/USD

As suspected, the recent rally attempt in ETH suggests that wave (e) of the triangle may not be in place until this morning surge to $216.33. 

In this alternate count which was last mentioned last Friday, we now have the condition for a post-triangle thrust to the downside. 

In this scenario, allowance is for an extended rally possibly towards $6389.37 - $6395.42 before peaking.

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 hard, 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.                

TRADE IDEAS

LTC/USD

Similar to ETH, today’s rally attempt in LTC confirmed that wave e of (iv) of the triangle pattern could finally be in place. 

Last Friday, it was suggested that another rally attempt might be made to complete the triangle pattern. With this morning high at $55.48 and subsequent pullback, it is possible a top may finally be in place. 

Like ETH, a post triangle to the downside may now be set in motion. A break below last Monday’s low at $47.06 and subsequently the year’s low of $46.91 is now expected. In a worst-case scenario, a fall to challenge the September 15, 2017 low of $32.48 is conceivable. 

But be warned, if and when LTC trades below $40.00, it will become attractive again to buyers, and it is likely LTC may bottom out somewhere between $32.48 - $ 35.50.                                 

TRADE IDEAS