ScottMelker

ScottMelker

You have been here long enough to know what bottom signal I am looking for, right? RSI is oversold on the 4-hour chart, so now I will look for bullish divergence to signal at least a local bottom. We don’t need to see it, but it certainly helps.

ScottMelker

Bitcoin is in a corrective phase following a sharp rally, with the $92,000 50-day SMA acting as the first critical support zone. A break below this could lead to further downside toward $89,000 or $73,835. To regain bullish momentum, Bitcoin needs to reclaim $99,860, targeting $108,300 and higher. Keep an eye on the RSI and volume for confirmation of the next...

ScottMelker

Bitcoin had a bad day. So did everything else. This was one of the worst days in recent memory for stocks, the Dow Jones is on a historic downturn and volatility rose dramatically. And Bitcoin is still $102,000. Think about that. From a technical perspective, Bitcoin looks great. We now have more potential hidden bullish divergence with RSI, price bounced...

ScottMelker

Recent Price Action: Bitcoin has continued its uptrend, reaching a high of $108,000 and closing near $104,949 yesterday. Yesterday's Candle: The candle shows a long upper wick and a small body, resembling an inverted hammer or shooting star pattern. This suggests rejection at higher levels, indicating some selling pressure as the price attempted to push...

ScottMelker

Key Observations: Uptrend Confirmation: Bitcoin has maintained a clear bullish structure, printing consecutive higher highs and higher lows since the start of 2023. The parabolic move from the $49,000 breakout has led to a sharp rally toward $106,869 (current level). Key Support and Resistance Levels: Support: $100,000 - Key psychological support $73,835:...

ScottMelker

### **Updated Weekly Analysis of Cardano (ADA/USDT)** #### **New Key Levels**: 1. **Resistance**: - **$1.26**: Price recently hit this level and is currently struggling to close above it. This is a significant resistance zone and aligns with the 2022 price action. - **$3.10**: Long-term target and all-time high, marking the next major resistance if price...

ScottMelker

In past bull markets, especially 2017, I remember that we used to joke that the market always pumped on Sunday and then dumped on Monday. We seem to have temporarily recaptured that trend. But the day is not done, and Bitcoin hit $106K yesterday… hard to be anything but mega bullish.

ScottMelker

This is the total market cap of crypto, excluding Bitcoin and Ethereum. While charting something like this is speculative since it is not a traded asset, analyzing its movements can provide insights into the potential for altseason. Last week, Total3 reached its all-time high, touching the peak from November 2021 at 1.13T, before being rejected. Currently, total...

ScottMelker

Want to see something cool? I entered the above chart into ChatGPT with no further information. My lines are drawn, so it clearly identified those as key levels in its analysis, but I did not offer anything else. Here’s a technical analysis of the Bitcoin (BTC/USD) daily chart provided: Key Observations: All-Time High Retest Zone: The price has broken above...

ScottMelker

Another all-time high for SUI! If you followed my briefly existing website, you may recall the videos I made about this when it was trading below a dollar and forming a massive bull flag. That pattern hit its target at $2.18… and then kept climbing. SUI is once again breaking into uncharted territory, poised to continue leading the market. To confirm this...

ScottMelker

There is very little to see here. Bitcoin can correct as low as $74,000 with it being a non event. That would be in line with previous bull market corrections. I am NOT expecting that, to be clear, but Bitcoin consolidating in the 90Ks is nothing to be concerned about.

ScottMelker

Bitcoin closed it’s first daily and weekly candle above $100K - ever. That was yesterday. Today, we are back below, but the day is not over yet. You can see that we have a clear level at $99,860 (we can call it 100K) from the late November all time high. This level has acted as resistance and support for the last 3 daily candles, almost to the dollar. I would...

ScottMelker

Are you not entertained? For those who doubted that Bitcoin would remain volatile, I think we have our answer. Yesterday’s candle had roughly a $12,000 spread on Coinbase - almost $14,000 on leveraged exchanges. This represents roughly 12% - 14% of movement in a matter of hours. At these prices, those are huge moves. Apparently over $2.5B was liquidated from...

ScottMelker

This is not rocket science. Bitcoin stopped rising just under $100K and is now consolidating. The longer it stays in this area, the better altcoins will perform and the larger the future breakout. The market is doing exactly what it always does in the cycle.

ScottMelker

I shared this one before, and wanted to followup. As you can see, price broke resistance at $2.06 and has retested it as support. This should easily target the recent $3.85 highs from March, assuming alts continue to boom. Trading Alpha is showing a big grey arrow, a break above the trackline and grey dots here on the weekly. A lot to love

ScottMelker

Dominance is falling off of a cliff, as expected. The 4-year cycle remains almost perfectly intact, which is quite astounding. Bitcoin makes a move 6-8 months after the halving, consolidates, and altcoins go crazy. As you can see, we are back in December… 2016, 2020 and now 2024. In these years (so far) Bitcoin Dominance has topped and fallen… hard. It seems to be...

ScottMelker

Bitcoin is ranging below $100K, which has generally been good for altcoins until today. In past cycles, bloody Mondays in crypto were so common they practically became a meme. I still think we could use a bigger reset here, but nothing on the chart says there is a major issue, except the bearish divergence that has already been replaced with hidden bullish...

ScottMelker

As discussed previously, we had bearish divergence with overbought RSI, giving us a reasonable downside target in the low 90s or upper 80s. Price dropped to just above 90K, as anticipated. Now we have printed the hidden bullish divergence that I was looking for to cancel the correction. This worked out perfectly. Bullish again.