ScottMelker

ScottMelker

Alt season looks very likely, and has basically already started. As you can see, we are heading into December, when Bitcoin Dominance tends to go cliff diving at this point in the cycle. Will this time be different? Probably not.

ScottMelker

This is one of my larger positions that I have been trading around all year. This is the setup that I am looking for at the moment. We already have a clear breakout through descending blue resistance with a retest as support. Now we are AT RESISTANCE (not a buy yet) at .15399. What we want to see is a break and retest of that level as support, with a target...

ScottMelker

No surprises for those following closely. There's clear overbought bearish divergence with RSI across nearly every timeframe, so a correction was inevitable. I'll be watching for hidden bullish divergence, which occurs when price forms a higher low while RSI creates a lower low. This could happen anytime—all it takes is a green day to give RSI an upward...

ScottMelker

The chart is showing significant bearish divergence with overbought RSI on most time frames. This is usually a clear signal of a local top, at the very least. No signal is 100%, but this tends to be solid. Will be looking for hidden bullish divergence to cancel the bear div. The $74,000 previous all time high remains untested as support. No reason this has to be...

ScottMelker

Bitcoin dominance has finally shown some signs of weakness, though it’s impossible to say if this is temporary. After reaching nearly 62%, it has dropped below 60% and currently sits at 58.85%. This decline hints at renewed interest and capital flowing into altcoins, which is typically seen at this stage in the cycle. If you recall the chart I shared last week,...

ScottMelker

99K all day. Is there anything else to say? 100K will be tested soon...

ScottMelker

Do you see those huge red lines? Those are the “tops” for Bitcoin Dominance in the 4 year cycles, which came right before a MAJOR alt season. The first red line is December, 2016. The second red line is December, 2020. I’m not great at math, but in a few weeks it will be December 2024… I believe that is 4 years after the last dominance top… again. Maybe alts...

ScottMelker

Altcoins continue to underperform Bitcoin writ large, and Ethereum continues to generally be beaten down. Good. As you can see, the demand zone below price is currently being front run, which I discussed as a likely possibility a few days ago. As Bitcoin hit $99,000, liquidity moved VERY quickly into Ethereum, which bounced hard. RSI is oversold, with likely...

ScottMelker

98K all day. Bitcoin is 2% away from $100,000, and it is still November. People thought that 100K price targets for the end of the year were insane - but here we are. Bitcoin has added $30,000 since election night and has double off of the August lows. Enjoy the ride.

ScottMelker

There is no reason to spend much time on altcoins while Bitcoin is in price discovery. When Bitcoin calms down, there should be plenty of opportunity in the altcoin space. For now, altcoins are taking an epic beating vs. Bitcoin and are struggling to even advance on their dollar pairs. 61.6% is yet another new cycle high for Bitcoin Dominance.

ScottMelker

Bitcoin is back to making new all time highs on a regular basis after a short period of consolidation.

ScottMelker

I know, I know—Ethereum is dead. It’s a dinosaur. It’s been replaced by Solana. Nobody needs it. L2s are clunky and stealing all the gas fees. It’s over—pack it in. Except, it’s not. Ethereum has an ETF seeing net inflows, Larry Fink from BlackRock is actively proselytizing about using it to tokenize the world, and it’s beaten down—just as it is at this...

ScottMelker

There is so little to report - Bitcoin looks great and there is little to do but enjoy the ride.

ScottMelker

Bitcoin appears to be consolidating after the major move up. Volume is slowly dropping and price is chopping. This usually is considered bullish and is the calm before the next storm. I have no concerns right now with Bitcoin.

ScottMelker

Bitcoin began election night just below $70,000, only nine days ago. Since then, it’s hit a new all-time high every single day except Saturday. Astounding price action. This move is due for a breather, but good luck guessing if that pause comes now or further down the road. There’s no reason to do *anything* in this market right now besides hold your spot...

ScottMelker

Bitcoin has taken a slight breather after setting consecutive new highs, reaching an impressive peak of $89,993.69 on Coinbase—almost $90K. Incredible. Over the past two days, we’ve seen some significant dips, liquidating both longs and shorts. Yet, these dips are being aggressively bought up, as shown by the long wicks down. Interestingly, the liquidations have...

ScottMelker

This is not an altcoin chart, per se, but it is very telling. This is the Total Marketcap of Crypto, including both Bitcoin and Ethereum. As you can see, this reached the all time high from the previous bull market, which was hit in November of 2021 - right around $3T. We have not even STARTED this cycle yet (assuming we get one), and the entire market size is...

ScottMelker

Charting Bitcoin has become difficult. Like any asset in price discovery, there are really no levels of resistance that are clear on the chart. That said, price almost reached $90,000 before a nice leverage flush down to nearly $85,000. The market is in a euphoric state, so I expect a ton of volatility. That said, there’s little reason to believe that Bitcoin is...