ScottMelker

ScottMelker

This is one of the hyped new coins that has recently been listed on multiple exchanges, so we have limited price action and history to go on. That said, while the market has been correcting, this has shown tremendous strength, maintaining grey dots on Trading Alpha, holding well above the track line, which is green and curving up, and currently attempting a break...

ScottMelker

You can see with Trading Alpha that we had two “Ts” indicating a top, the loss of green (grey for me) dots and the printing today of a red (blue for me) dot. That said, price is now at the track line, which is a key support. Alts look even worse, so not much interest there today.

ScottMelker

Bitcoin managed to close above the monthly candle above the previous all time high of $69,000. This was the final meaningful time frame to accomplish this feat. While we are seeing a dip today to test that level as support again, it is still quite encouraging to officially be in price discovery on the monthly chart. We remain in a bull market, where dips are for...

ScottMelker

I bought a bunch of this token last cycle, traded around the position, held a bag all of the way to the bottom. Well done. That said, dog memes are running, this one has both "DOGE" and "ELON" in the name, a very sophisticated reason to purchase a token. This is fully gambling on memes, not something I generally recommend, but I tend to share my trades. I...

ScottMelker

I shared the breakout on this coin yesterday. Price continued up significantly, to around $2.18. Breakout traders were rewarded, but the safer strategy is always to wait for a retest of the previous resistance as support - in this case the previous all time high. That came overnight, with a PERFECT tap of support at $1.97. There are no guarantees in trading, but...

ScottMelker

There’s nothing to see on higher time frames, as Bitcoin is currently trading above key resistance at $69,000. Zooming in for fun, we can see the inverse head and shoulders and the fact that Bitcoin appears to be consolidating in a wedge for another move up. This is irrelevant unless we actually get a break out, but sideways and slowly dropping price action on...

ScottMelker

This is as simple as it gets. SUI just cracked the all time high, set in the middle of February. Indicators look good, the 50 MA is support and curling up. The 200 MA is also heading up, both signals of a bull market. A close above $1.974 would be extremely bullish - a blue sky breakout into price discovery. Bulls want to avoid a daily candle closing with a wick...

ScottMelker

Let's hope that the weekly chart closes here or higher on Sunday! We want to see the reversal candle from last week confirmed, and a weekly close above $69,000, the previous all time high. Pretty straightforward - yesterday was a big move, now we need to see it sustained. I am liking what I am seeing so far.

ScottMelker

I took a look at this chart on my chartapalooza stream yesterday afternoon, and it was by far the most striking setup that I saw. The weekly chart shows an incredible test and hold of support at .06293. As you can see, this was a major swing high at the beginning of 2023, which was never recaptured until a few weeks ago. What strikes me is the huge increase on...

ScottMelker

Bitcoin has a decent weekly close, with a long wick down on the candle showing tremendous buying demand off of the lows. That said, the previous week’s spinning top candle showed indecision and both buyers and sellers pushing on any real move. It seems we are in the chop at the moment. I still want a close above $69,000 for any sort of real confirmation of a move...

ScottMelker

Link was one of the first altcoins to move during the early days of this bull market and has largely stalled since. This has caused sentiment to shift negative, as impatient traders call it “dead” and ask why it refuses to rise. They have short memories. As you can see, LINK is still working on flipping key former resistance (the blue zone) to support. Last...

ScottMelker

I continue to say it, but will mention it again. For me, bullish divergence with oversold RSI is the most consistent technical signal that I have ever seen for predicting a solid bottom or bounce. Does this mean THE bottom is in? No. But did it tell us that the market was ready to bounce? Yes. I have been showing these for years in the newsletter and on...

ScottMelker

Bitcoin has confirmed bullish divergence on the 4-hour chart (and the hourly, which is not particularly powerful), with a likely divergence printing on the 6-hour. These are signals I love to look for for likely bottoms, even if temporary. As you know, these divergences can build - meaning we get more lows on price with more highs on RSI to make them stronger. I...

ScottMelker

My charting strategy on corrections (and pumps) is very simple and clear. Wait for RSI to be oversold or overbought, then look for divergences. We had bear divs all over the charts at this local top - now we look for bull divs at the bottom. 4-hour is almost oversold.

ScottMelker

We currently have a spinning top last week with a close below the previous all time high resistance, which I discussed yesterday. Now we have a potential large down candle to follow up, although it is ONLY TUESDAY and we need to see confirmation on a weekly close on Sunday. Nothing to see for now, but worth watching and waiting for this weekly candle....

ScottMelker

Bitcoin had a rough week, closing below the previous all time high resistance. Bulls were looking for a definitive move above $69,000 to end the week, but it was not to be. The candle was a doji of sorts, which usually indicates a pause in the trend, and can mean a reversal if the following candle confirms. We will be watching the candle this week closely. As I...

ScottMelker

Wow. The memecoin frenzy is absolutely sending SOL flying. For those who don’t understand, the bulk of the trending memes are on Solana, meaning that people are trading them using Solana as the base currency… so this drives a ton of interest and buying of Solana to get in on the madness. SOL is currently at the last resistance on the chart, $207, before the all...

ScottMelker

If you were trading on lower time frames, you saw that Trading Alpha also gave a clear short signal around $72,000… squeeze shading, a red arrow and red dots. Such an easy indicator to use.