Do You Want To Call Tops, Bottoms, or Just Trade – Bitcoin, Litecoin

If you’re working hard at this, the charts are self-explanatory. The cryptos have some things bothering me, which will be discussed in premarket. But in the meantime, I’m trading BTC, never have traded Litecoin.

On Friday I discussed my trade in BTC and the short-term nature of it, and looking to get out into resistance (last 2 arrows) –

With BTC, I continue to believe this whole area is reaccumulation. Last night I bought a small position into the “crash”, and am looking to sell back into this resistance area. So while the hyperbole is out there about BTC, there continue to be great trade setups in it, along with the crypto-stocks, like the DPW spring.”

I forgot to include the chart, but by now people should be able to spot the short-term resistance areas. These things (cryptos) are short-term to me, until or unless, they crack hard – trading vs investing.

The charts are below.

 

 

 

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About traderscott 950 Articles
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day. Scott returned to markets over fifteen years ago where he continues as an independent trader.

4 Comments

  1. “Shinplasters” and the Free Banking Era.

    DEVELOPMENT OF MARYLAND 1812 TO 1880

    “The United States Bank was obliged to refuse to redeem the notes of its own branches-and even the Farmers’ Bank of Maryland repeatedly refused to receive the notes of her own Frederick and Easton branches as if each were an individual and local institution. By these process our people suffered exceedingly. Thousands of individuals once wealthy were utterly ruined, and thriving institutions were swept out of existence. The most active and enterprising men of the country were the greatest sufferers. During all this trying period the people of Maryland, besides enduring the mercantile depression of the country, suffered by a depreciated currency-including bank notes, railroad orders, canal script, corporation and individual issues. this was the reign of small notes emitted by firms and even individuals, contemptuously called “shinplasters” which were as plentiful and as troublesome as the frog in Egypt. Irresponsible dealers palmed them off on the distressed public, who were forced to receive them in the lack of other currency, and the inevitable failure to redeem them inflicted serious losses on the community.”

    • Interesting about the history. Very good lesson. The crypto permabulls should certainly be studying how that process unfolded.

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