ScottMelker

ScottMelker

If we take a look at the weekly Bitcoin chart and draw the same range that we have been looking at on the daily, the situation becomes more clear. Why? When you have a range, you add the EQ (equilibrium, center dashed line) and it tends to act as resistance and support. As you can see, the last two weekly candles all found strong resistance at the range EQ and...

ScottMelker

Bitcoin is “boring” and ranging sideways. This is a decent time to take a look at altcoins, if you are actively trading.

ScottMelker

This is an interesting chart, on one of the most hyped projects of the past few months. As you can see, this coin effectively pulled a 10X in 2024 before pulling back, which always happens after a massive run. It appears that CORE is forming an inverse head and shoulders of sorts (usually more clear at a bottom than in consolidation like this). More importantly,...

ScottMelker

The chop fest continues. As you can see, Trading Alpha is yet to turn back to grey dots on the daily, meaning that for now we have no clear signals from the indicator. As I have said many times, we are sideways, so the range EQ (the center dashed line) is an obvious place to find some resistance after the nice bounce off of the lows. Things look… fine. My thesis...

ScottMelker

Bitcoin printed a weekly hammer candle, a sign of a potential reversal. This is generally confirmed by the next candle being green. As you can see, the candle has a long wick down, with a small body at the top. We have had strong demand for the past two weeks, as shown by the long wicks to the bottom. This still look absolutely fine.

ScottMelker

Bitcoin continues to range sideways, basically from $60,000 to $74,000, give or take. As you can see, the sweep of the range lows was effective, with two wicks below and one perfectly touching the range lows as support. For now, this looks like a local bottom is once again in, which was a bit obvious (in hindsight) from the chart and from the sentiment. Remember...

ScottMelker

Bitcoin continues to build stronger bullish divergence with oversold RSI on multiple time frames. More often than not, this is the best bottoming (which is a process) signal there is.

ScottMelker

While the pricey action remains dicey, we have a number of signals forming (but NOT confirmed) that a bottom could be forming. On the daily, the range lows were pierced yesterday, but price bounced back above and closed with a wick through the low. This is a liquidity grab - called a bullish SFP (swing failure pattern). Generally this is a stop hunt, where...

ScottMelker

The bullish divergences that I was looking for are confirmed, which is usually an indication that we are bottoming, if not bottomed. Remember, these can build with more lower lows on price and higher lows on RSI, but this is my favorite signal.

ScottMelker

this is just sideways chop in a range, and the bottom of the range is always scary. I continue to believe that a lot of sideways is the most likely path as we approach the halving and see it pass like a nothing burger in the rearview mirror. I can always be wrong. It is very important to note - RSI still has not come CLOSE to oversold on the Bitcoin daily...

ScottMelker

Trading Alpha gave continual top signals (orange Ts) with orange squeeze shading, perfectly predicting that the local top for Bitcoin was in. As you know, I have been highly skeptical of price continuing up for a variety of reason - toppy charts, overbought RSI across the board on multiple coins with bearish divergences, memecoin madness, extreme greed etc. This...

ScottMelker

Trading Alpha is giving mixed signals on the daily chart at the moment, so I am watching and waiting. We have quite a few “Ts” which indicate potential tops, but the dots are still green and we do have squeeze shading - which indicates a bigger move is coming, but does not tell us the direction. The weekly chart still looks very bullish, but I am just sitting on...

ScottMelker

I went to Paris for a few days and did not check charts. I landed today and looked - and price was the same as when I left. Bitcoin is sideways.

ScottMelker

I am always a bit hesitant to share smaller cap coins, so always consider that and use solid risk management. I own PROM, and am sharing it because Trading Alpha is giving a clear buy signal. As you can see, this indicator is showing squeeze shading (the yellow) with a buy arrow on the daily, and the trackline turning green. We also have grey dots, indicating a...

ScottMelker

This is simple… for now. We have a breakout from the bull pennant and a retest of the descending resistance as support. We will see what unfolds, but this is exceptionally bullish with a target well into the $80,000s.

ScottMelker

Bitcoin confirmed that symmetrical triangle or bull pennant that I was looking at yesterday by holding the low at support that existed when I shared Today’s candle is trading a bit higher, so we will look to build on support and attack resistance. Still nothing to do here, chop until we get a breakout or breakdown.

ScottMelker

Bitcoin seems to be forming a symmetrical triangle, which many would identify as a bull pennant. The caveat I give there, is that pennants often lose support, making people bearish - but then form bull flags, which are parallel channels down. So always be careful in these situations. That said, we have a touch at the high, then a touch of support, then two...

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...