Tuesday | 8th 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
After last Sunday’s surge to $4063.74, BTC enters a period of consolidation in the last 24 hours. Prices retraced overnight but by, and large BTC remains on course to challenge the Christmas Eve high of $4219.16 next.
Going forward, another round of profit-taking may emerge from within the supply zone of $4184.78 - $4247.38 (see hourly time frame).
Over the medium-term, as expressed by the 4-hourly chart, the entire rally from $3113.80 may extend towards $5262.00 and perhaps into $5485.50 - $5636.63 before a more robust correction sets in.
TRADE IDEAS
ETH/USD
Based on wave count, it is possible we may see further losses, but such a decline is likely to be arrested by the minor demand zone at $143.86 - $144.75.
From there, an aggressive rally is anticipated. Unlike the sharp rallies seen in BTC and LTC, ETH has not seen the same bullish sentiment since last weekend.
Going forward, ETH is expected to play catch-up. Any extended rise above $159.65 is likely to result in a move towards $181.01.
If this rise can be sustained beyond this level, an eventual rally to $239.30 is anticipated (see 4-hourly chart).
TRADE IDEAS
LTC/USD
On balance, the overnight corrective pullback in LTC appears to be complete. If so, we should see an immediate break above Sunday’s high of $39.82 in the hours ahead.
As mentioned in yesterday’s update, LTC has resumed its rally from last December low of $22.08. A break of $39.82 is likely to see an extended rally towards $41.54 - on its way towards the 4-hourly time frame target of $50.28.
