ScottMelker

ScottMelker

Bitcoin is dancing around $67,000 support. Technically, yesterday’s daily candle closed below and today’s has tested it as resistance. That said, price is right around it, so hard to worry for the moment. If support breaks convincingly, then price is likely to range once again in the bottom half - between $67,000 and $60,000. Once again, I have minimal...

ScottMelker

Up, down, all around. True to form, Bitcoin dropped a head of the FOMC, pumped on inflation headlines, then cooled off and ended up right back where it started. Fun, right? Still in the top half of the range…

ScottMelker

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ScottMelker

Bitcoin is looking admittedly sketchy today, with a sizable drop over night. That said, price is still trading in the top half of the range. As I have repeated many times, all of the price action since March is relatively low volume sideways chop, expected in this part of the cycle and especially in the summer. Right now, nothing below $74,000 is particularly...

ScottMelker

Bitcoin has been in a sustained uptrend since $27,000. Why overthink it? As you know, my base case in March, based on the timing of the halving and four year cycle and the massive proliferation of memecoin degeneracy, among other factors, was that we were likely to experience many months of sideways. Here we are. And that is totally fine.

ScottMelker

I would love to share some fresh thoughts, but there are none. Bitcoin looks totally fine, trading in the top half of the range, targeting the recent all time high. We have squeeze shading, so if we get strong volume on a break, we could go beyond $74,000 and into blue skies. That is when we would get excited. For now, the target is the highs,

ScottMelker

If you have been here a while, you know that we rode this coin from the lows to new all time highs this cycle. Well, it appears to be revving up again. Trading Alpha shows squeeze shading (orange), grey dots and a fresh buy signal arrow, all above the track line. You should absolutely be using Trading Alpha, it’s an incredible indicator (25off for discount, if you...

ScottMelker

Bitcoin continues to push towards the range high, around $74,000. As you know by now, once price broke into the upper half of the range, the expectation is a visit to the top. At that point, we will be at resistance and people will be losing their minds with bullishness. The reason charts work is because of humans - they get bullish at resistance and bearish at...

ScottMelker

Trading Alpha is looking bullish on Solana. As you can see, we have squeeze shading (orange) with price rising, which indicates a likely volatile move coming, with evidence pointing to it happening to the upside. Price perfectly held the track line as support and the dots are once again turning grey, having never turned blue. Solana continues to be arguably the...

ScottMelker

Here is some shocking analysis - Bitcoin is sideways and there is nothing to do for now! Immediate target if you are in a trade is still the area around the all time high - the top of the range.

ScottMelker

I still like Fantom here, bouncing well from the support zone. This is merely an update on a setup that I shared last week - it dipped below the entry, but did not come anywhere near the proposed stop. Now it’s back in profit and still looks solid.

ScottMelker

It is essential to occasionally zoom out. Taking a look at the weekly chart gives us an astounding picture of Bitcoin’s move. This consolidation looks like almost nothing after this run up from $15,000 - just the expected chop after the halving. As you can see, we are trading in the top half of the blue range, which means we should eventually visit the range...

ScottMelker

There is basically nothing to see on Bitcoin at the moment on higher time frames, so we are forced to zoom in and look for clues. We have a clear symmetrical triangle, which could be considering a bull pennant. Regardless, the next move will likely be defined by whether price breaks up or down from this triangle. Still… this is all chop on larger time frames.

ScottMelker

Bitcoin continues to chop sideways in the upper half of the range, as expected. We also got the retest of $67,000 as support that I was looking for. For now, ETH and altcoins are likely to steal the show as BTC consolidates.

ScottMelker

The trade on this is a bit later, as Trading Alpha gave the signal days ago. You can see that we had a breakout and retest of descending blue resistance as support, yellow squeeze shading, two green arrows to signal an entry, a break above the track line and sustained grey dots. To me, this says that any dip is for buying, and that price should target the next...

ScottMelker

Ain’t nothing change, just trading in a range. The good news? We are trading in the top half of the range now. All eyes are on ETH and altcoins today.

ScottMelker

Interesting spot for Ethereum Vs. Bitcoin on such a big day. Right at long term descending resistance. By the way, there was bullish divergence coming from oversold RSI at the bottom, as often happens.

ScottMelker

Bitcoin looks solid, trading in the top half of the range. Do not be surprised if we retest the range EQ as support, the dashed middle line around $67,000. That would be relatively normal now that we are in the top half. Once again, this last move is exciting, but we are still in a range until we make new highs. For now, the safest approach is playing in the top...