A weekly Crypto trading piece by Scott “Shooter” Henderson covering crypto currencies. Kirk Spano provides seperate analysis of where the broader “macro crypto” space, including, NFTs, digital contracts, the Metaverse, taxation and DeFi are headed. Read his free Kirk’s Crypto pieces.
The short story is that most cryptocurrencies are going to zero, but there will be survivors that settle at much higher price ranges. This is the journey to those higher price levels.
These early pieces will be open to all so you can get to know us. Crypto Tracker will move to a paid membership soon. Subscriptions will be only $199/year for founding members with another service.
Kirk & Shooter’s Crypto Thesis
Our thesis is that short term price is only a reflection of either fear of missing out or weak hands getting shook out. As adoption continues, certain Crypto, in particular Bitcoin and Ethereum, will continue to increase in value over time. Along the way, we can trade the larger moves for added gains.
Shooter’s Crypto Picks
Make sure to adhere to a rules based approach to trading using technical indicators. And, we highly recommend trailing stops and/or stops at preset technical levels.
Follow along in chat if you are going to swing trade a portion of your account. We recommend starting with trading 5% or less of your total portfolio and no more than 20% even as you gain experience.
Continue to scale in small on all entries!
“Next Entry Window Long label” or “Set-up Long Label”.
It time to seriously consider what percentage of your portfolio should be held in the Cryptoverse. Crypto is still very speculative. However, the risk rewards is unprecedented in recent history. Stay tuned as I jump into Defi, Pay-to-Earn gaming and others shinning stars in the new year.
Crypto Weekly Trades
XBT/USD Bitcoin closed the week at $40,571.53. Who knew? Down $7K from the open $47028.21. My comment last week, “we could still see one more flush toward the 200 day”. When calls like that manifest it just drives me to get better at what I do. Both Oil and Equities come off which was the driver last week. However, this time it was different. Crypto came off first then oil and equities followed. We also saw a flight to safety in the Dow. AKA, my margin calls thesis except it played out in reverse. Go figure! Clearly, crypt whales are getting margin calls that has become a driver in markets. We again are back-testing that $40,252.00. Its still important. We should find a bottom soon and continue the up trend. Should be good to start scaling in
P.S. Last weeks Crypto Report paid for the future price of the Crypto Tracker for over 10 years.
My thesis is that price is only a reflection of either fear of missing out or weak hands getting shook out. As long as adoption continue Bitcoin and Crypto as whole will continue to increase in value. My2Cents!
ETH/USD We closed the week out at $3161.32. The count suggests we get a Dead Cat bounce here to around $3,600. Then we retrace $700 to the around the 50 day and print that $2,910. Then, we should take off as suggested last week. Note we have two price waves. A Primary Wave which we printed a 1st Golden Box and a Minor Wave which is our next target once we find a bottom. Both are in the same direction just different trajectories and time frames.
CRV/USD Gave it a bit more room. Any retrace toward the Stop is a gift as fare as I’m concerned. I’m building a position. My outlook puts this in the teens into 2022 or soon after. Stay tuned for additional notes on staking.
AXS/USD Continue to scale in.
SAND/USD I expects some big news on this Metaverse player. I have no technical trigger today. Any retrace to the 8 day support adding or on any breakout of 8 day resistance I’ll be buying it.