9th November 2018 Daily Trading Commentary | BITCOIN | ETHEREUM | LITECOIN
Friday | 9th 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/btcethltc081118
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
The overnight pullback may set the stage for the resumption of the long-term downtrend to complete the multi-cycle low that was mentioned all this while. This is especially so if we have a sustained fall below $6330.74.
If it does not, then further recovery to the $6700 level cannot be ruled out. But the idea that BTC still has one more leg down is still the prevailing view. Further break below $6088.50 would confirm this near-term bearish outlook.
If so, an ultimate challenge of the year’s low at $5738.77 is a possibility. But be careful about chasing this market ever lower as a multi-cycle low is anticipated. A significant reversal could follow this.
TRADE IDEAS
ETH/USD
The price structure in ETH is a little complex and may be unfolding differently from those seen in BTC. Based on what we have seen so far, it appears we may be looking at a triangle pattern in the hourly time frame.
In this case, we could see a rally attempt from near current levels to be followed by a brief pullback before ETH resumes its climb towards the $233.00 mark in a post-triangle thrust. From there, a complete unraveling of recent gains is anticipated.
After that, a resumption of the long-term downtrend could be the outcome. A sustained break below $188.40 would confirm this bearish view.
TRADE IDEAS
LTC/USD
All three cryptocurrencies are unfolding differently. Yesterday’s decline could be paving the way for another rally attempt into the weekend. It is possible the current pullback may extend towards the $50.00 level before resuming its rally.
If so, such a rally may target the $58.00 level before unraveling. This could well be the precursor of a final fall to complete (v) of a multi-cycle low. A decisive break below the $49.00 level is needed to confirm this bearish scenario.
Going forward, a fall to challenge the September 15, 2017 low of $32.48 is a possibility. 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.