Thursday | 17th 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.
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
Nothing substantive happened over the last 24 hours as crypto assets remain locked in consolidation.
Despite the lack of incentive to move either way, there is no material change in outlook. Assuming there is no further decline in value and last weekend low at $3472.00 is not taken out, BTC remains relatively well bid.
As mentioned, the immediate barrier is the supply zone at $3762.72 - $3872.13 (see hourly chart).
Clearance above this area should pave the way for an assault on the projected target $5260.50 or more likely towards $5495.76 - $5636.63 (see 4-hour chart).
TRADE IDEAS
ETH/USD
There were feeble attempts to rally, but there was no real momentum behind those attempts overnight. Like BTC, ETH remains in consolidation after Monday’s sharp rally to $130.65 and deep pullback on Tuesday.
As such, there is no change in outlook. Barring another sharp decline, it is possible ETH is in the cusp of a sustainable rally with the immediate barrier located at 130.40 - $132.51 (see hourly chart).
The next significant barrier is probably the supply zone at $148.49 - $150.62 in the hourly time frame; which coincides with a supply zone at $148.51 - $151.98 in the 4-hourly time frame.
TRADE IDEAS
LTC/USD
Like BTC and ETH, LTC remains in consolidation mode with no real incentive to trade higher nor lower.
After Monday’s surge to $32.63, Tuesday’s reversal lower saw ETH back it begun. As expected, the supply zone at $32.21- $32.63 has capped the initial rise and assuming there are no further losses below last weekend low, another surge beyond $32.65 is anticipated.
Going forward, it is possible LTC together with the other coins may extend Monday’s gains towards $48.48 - $49.58.
