ScottMelker

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 It’s been replaced by Solana.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...

ScottMelker

Bears are in disbelief. The halving cycle is once again playing out EXACTLY the same as in the past. Roughly 6 months after the halving, Bitcoin breaks consolidation and pushed parabolically to new highs. This was my base case, so it is nice to see it confirmed. All we had to do was wait a bit. Enjoy the ride.

ScottMelker

Bitcoin has avoided bearish divergence, for now, and is sustaining momentum above the previous all time high. This is about as bullish as it gets, honestly. There’s nothing to worry about here for now. All systems go.

ScottMelker

As you know, I’m a long-time ETH bull, and I see its recent underperformance as a major opportunity. BlackRock and other institutions have effectively endorsed Ethereum with the introduction of ETFs and are actively choosing the chain to tokenize real-world assets. Historically, ETH underperforms in this phase of the cycle before making a significant move. We...

ScottMelker

Things continue to look generally bullish, with Bitcoin closing well above its previous all-time high yesterday. The day also saw the largest bullish volume since that previous high, which confirms the breakout. That said, there are signs we could see a pause. The 12-hour chart just confirmed overbought bearish divergence, which may also appear on the daily...

ScottMelker

Blue skies. Bitcoin made a new all time high, smashing through $73,800 and hitting $75,000. What is there to say? The bull market is in full swing.

ScottMelker

Last week’s candle had an ugly close, with a small body and large wick up. This is a sign of sellers stepping in and pushing price down - not a surprise on the first attempt at breaking all time high resistance. Trading Alpha is still showing grey dots, meaning the bullish trend is intact. I am not worried here at all, just waiting for the election to pass to...

ScottMelker

Bitcoin came within a few hundred dollars of a new all time high - then flushed leverage and dropped back below $70K. Not unexpected. Today’s candle looks potentially very bullish, with a long wick down below support. We need to see it close up here. Things still look great.

ScottMelker

Consolidation under resistance usually leads to expansion. Sitting just under the previous all time high and gathering strength is actually what we want to see. It is likely only a matter of time before Bitcoin breaks up again.