ScottMelker

ScottMelker

Bitcoin is showing exceptional strength on the daily chart today, confirming the bullish momentum we have been tracking. As anticipated, Bitcoin retested the 50-day moving average around $97,600 yesterday, providing a textbook bounce and reaffirming this level as solid support. This successful retest aligns with the analysis shared yesterday, where we highlighted...

ScottMelker

Bitcoin achieved a pivotal daily close above the key $99,860 resistance level, marking a significant bullish development. This close not only solidifies the reclaim of this critical level but also signals the potential for further upside momentum in the near term. The break above $99,860 had been a crucial hurdle for bulls, and this close now shifts the focus...

ScottMelker

The Bitcoin daily chart continues to develop within a critical range, showing resilience and potential for short-term recovery but facing significant resistance. Yesterday's candle closed near the 50-day moving average (currently at $97,500), which has acted as dynamic resistance and support since early January. Today's price action reflects some indecision as the...

ScottMelker

The Solana (SOL) daily chart demonstrates a significant bounce after testing the key horizontal support level around $175.26. Yesterday's candle showed a long lower wick, indicative of substantial buying interest at lower levels, but the close was still relatively weak, below the $190 region. Today, Solana is attempting to sustain its recovery, but upside momentum...

ScottMelker

The CPOOL daily chart shows impressive resilience, delivering the most significant bounce among the altcoins observed yesterday. Price action surged from a key demand and support zone between $0.24 and $0.26, a range that has consistently proven to attract buyers. The massive green candle that formed is a bullish engulfing candle, accompanied by a long lower wick...

ScottMelker

Bitcoin's daily chart provides a fascinating look at price action, highlighted by yesterday's epic candle. The candle is a classic dragonfly doji, characterized by a long lower wick and a green close near the high of the day, signifying a strong rejection of lower prices and a battle won by the bulls. This candle formed after testing the key support zone around...

ScottMelker

The Bitcoin daily chart with Bollinger Bands reveals important insights about current market behavior and potential future moves. Yesterday's dragonfly doji, combined with the lower Bollinger Band acting as support, suggests a strong rejection of lower prices. The long lower wick indicates heavy buying interest, aligning with the zone near $88,800–$90,600, which...

ScottMelker

Here is a more thorough analysis. Bitcoin's daily chart remains under pressure, with the 50-day moving average now sitting at $97,300 and curling downward, reinforcing its role as dynamic resistance. The inability to reclaim this moving average highlights the ongoing bearish momentum. Price action continues to hover near the key support zone between $88,800 and...

ScottMelker

Bitcoin's daily chart continues to show critical developments, with price action hovering just above the key support zone between $88,800 and $90,600. Today’s bounce has slightly alleviated immediate selling pressure, but the overall trend remains fragile. The potential head-and-shoulders pattern remains intact, with the neckline now near $91,300. Price bounced...

ScottMelker

Bitcoin’s daily chart is showing further signs of weakness after losing the 50-day moving average, currently at $97,700, as support. The price continues to trend lower, approaching the significant support zone between $88,800 and $90,600. This range could act as a key level to watch if the selling pressure persists. A potential head-and-shoulders pattern is...

ScottMelker

Bitcoin's daily chart is showing continued bearish momentum after rejecting from the $106,099 resistance level and losing the critical $99,860 support. The price has now dropped below the 50-day moving average, which sits around $97,700, flipping this level into potential resistance. This breakdown suggests that the short-term trend has shifted bearish. The...

ScottMelker

Bitcoin’s daily chart shows a continued struggle to reclaim the key resistance at $106,099, with price rejecting from this level after a strong push upward. However, the structure remains bullish as Bitcoin has successfully flipped the $99,860 level into support, aligning with the 50-day moving average, which sits around $97,600. Holding above these levels keeps...

ScottMelker

Bitcoin is trading near $99,210, successfully reclaiming the 50-day SMA (~$97,000) as support, signaling renewed bullish momentum. However, it is now facing strong resistance at $99,860, a level that has acted as a significant barrier in recent weeks. A daily close above $99,860 could trigger a move toward the next major resistance at $106,099, representing a...

ScottMelker

Solana (SOL) is trading at $217, consolidating just below the 50-day SMA (~$219) after a break and retest of descending resistance. This breakout indicates potential bullish continuation, but the lack of significant volume suggests that buyer conviction is still weak. Volume confirmation will be key to validating any sustained upward move. The $259.50 level,...

ScottMelker

Bitcoin is trading at $96,769, holding above the 50-day SMA (~$95,000), which is acting as immediate support, with additional support around $94,000. Resistance remains strong at $99,860, with the price repeatedly failing to reclaim this level. Volume is low, reflecting indecision, and RSI is neutral around 45-50, indicating balanced momentum. A breakout above...

ScottMelker

Key Observations: Recent Price Action: Bitcoin is trading at $95,563, finding support near the 50-day SMA, currently at $95,000. The recent high of $108,400 marked the peak of the rally before the ongoing correction began. The rejection from $99,860 and the lower high formation highlight weakening bullish momentum in the short term. Support and Resistance...

ScottMelker

Quickly take a look at the 50 MA, the ascending blue line. That is clearly the key daily resistance for the moment. A decent morning is brewing, bouncing off that 50 MA, but we need to see it sustained throughout the day.

ScottMelker

Key Observations: Recent Price Action: Last week’s candle was a large bearish engulfing candle, marking a significant rejection and pullback from the $108,000 zone. Bitcoin has broken below the $99,860 support, which had previously acted as a key level during the rally. This level is now likely to serve as resistance. Current price sits near $95,905,...