Friday | 11th January 2019

Everyday is a Potential Payday if you Master the Art of Trading - Daniel Ang

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/btcethltc100119

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: 

Honey Miner : https://honeyminer.com/referred/59hvc 

CryptoTab : https://get.cryptobrowser.site/2402149  

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Steemit - http://bit.ly/danielang_steemit 

BTC/USD

Cryptocurrencies sold off big time yesteday. This is in contrast to expectation that the rally from last December has resumed. While yesterday’s sharp selloff was a setback, it did not change the medium-term bullish outlook. 

At this point in the game, yesterday’s fall, sharp as it was, is seen as a larger degree corrective pullback if viewed from the perspective of the 4-hourly time frame. 

The new labelling of the wave count could still fit yesterday’s decline as a wave c of (ii). From Tuesday’s high of $4095.71 to the low at $3557.57, we could trace out a 5-wave decline. 

This could potentially means either a low was in place at $3557.57 or a low is nearby.                             

 TRADE IDEAS

ETH/USD

Like BTC, the near-term bullish bias in ETH was compromised yesterday during the sharp decline. But unlike BTC, ETH appears to have hit a potential bottom at $121.64 overnight. 

If so, we should see an immediate rise from around current levels. In this regard, yesterday’s fall is seen as a 3-wave decline from last Saturday’s high of $159.65. 

If so, this also means the larger degree wave 2 may be in place at $121.64. If this count is correct, the next move is an even sharper rally beyond $159.65. Minor resistance resides within $125.03 - $132.51 with a major hurdle at $148.78 - $150.62.                                  

TRADE IDEAS

LTC/USD

Like ETH, LTC appears to have hit a bottom after yesterday’s sharp fall. But unlike BTC and ETH, LTC near-term bullish bias is not compromised. 

This gives LTC a more positive outlook compared to the two major coins. Similarly, yesterday’s fall is seen as a corrective pullback although the fall was rather pronounced. Still, the medium-term outlook remains bullish with a resumption of the rise from last December possibly beginning from the overnight low of $31.75. 

Clearance above 35.50 is the first sign that a bottom was indeed in place at $31.75. The next major resistance area is between $38.27 - $38.88.                      

TRADE IDEAS