7th November 2018 Daily Trading Commentary | BITCOIN | ETHEREUM | LITECOIN
Wednesday | 7th 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/btcethltc061118
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:
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CryptoTab : https://get.cryptobrowser.site/2402149
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BTC/USD
BTC continues to surge higher despite the idea that BTC is ‘missing’ one down leg to complete its long-term decline from last December high.
For this idea to come to fruition, BTC needs to unravel below $6348.92 to gain traction for the anticipated down-draft. In the absence of this development, higher levels ahead cannot be ruled out.
In the event of a breakdown, a fall to $6000.00 is the first stop before BTC challenges the year’s low at $5738.77. But be careful about chasing this market ever lower as a multi-cycle low is anticipated. This should be followed by a major reversal.
TRADE IDEAS
ETH/USD
In yesterday’s update, it was suggested that ETH is poised to fall. After this morning’s surge to $221.61, perhaps this bearish assessment was a little bit premature.
In view of this morning price actions, and on a revised wave count, it is possible the triangle mentioned previously is still unfolding and the latest surge higher is a wave (c) of iv. This means, the next decline is not the massive fall that was anticipated earlier.
In this scenario, we may see a pullback followed by another rally attempt before the triangle pattern is complete. In the near-term unless $204.53 is taken out, higher levels cannot be ruled out.
TRADE IDEAS
LTC/USD
LTC continues its march higher; having registered a new 3-week’s high this morning but upside potential is getting increasingly limited. This latest development suggests that wave e of (iv) of the triangle pattern may not be in place as originally thought.
That said, if and when wave e of (iv) is finally in place, a sharp fall is expected. A break below the $52.30 level is needed to confirm that a top is in place.
In this scenario, a fall to challenge the September 15, 2017 low of $32.48 is not inconceivable. 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.