Wednesday | 10th 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/btcethltc091018

  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.  

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BTC/USD

Today’s sharp fall in BTC is putting immerse pressure on the preferred triangle pattern outlook. This afternoon’s fall to $6419.57 is still within tolerance as the hourly point of invalidation at $6395.69 has not been violated. 

However, to keep the near-term bullish interpretation alive, BTC needs to stage a rally from this afternoon’s low of $6419.57. 

In the event of a decisive break below $6395.00, a re-evaluation needs to be done. Until then, we’ll stick to the original triangle within a triangle pattern which calls for an explosive rally towards the $7000 level.                                

TRADE IDEAS

ETH/USD

Similarly, ETH too has falling back but less spectacularly as compared to BTC. 

At this moment, there is no sign that this decline has hit bottom although the low so far is close to recent bottoms. 

A spike right now would confirm that a near-term bottom is in place and that ETH is gearing up for a rally attempt. 

But from the perspective of the 4-hourly time frame, the upside potential is relatively limited. It is possible any rally may be met with resistance from near $243.18. 

Regardless, a resumption of the long-term decline below $166.88 is anticipated.           

TRADE IDEAS

LTC/USD

Of the three cryptocurrencies tracked, only LTC did not surprise. All along, it was suggested that LTC might extend its decline from $65.02 and that the rise from $56.12 to $59.27 may have peaked. 

In yesterday’s update, it was noted that  LTC might dip into the demand zone at $50.76 - $51.77 and rebound. 

So far, LTC has followed the script to a T. A break below $56.00 would cause the near-term outlook to be immediately bearish. 

A further break below $50.00 would eliiminate the triangle pattern seen in the 4-hourly chart. 

Whether we see a bounce from this afternoon’s low of $56.38, the overall outlook still favors an extended fall below $46.91.    

TRADE IDEAS