ScottMelker

ScottMelker

Weekly levels (lines are more like areas or zones) of support and resistance to watch for the future.

ScottMelker

These are the key levels of support and resistance for Cardano on the weekly chart.

ScottMelker

These are the key levels of support and resistance for DOGE on the weekly chart.

ScottMelker

These are the key levels of support and resistance for Ethereum on the weekly chart.

ScottMelker

FWB:42K is historically one of the most important levels for Bitcoin. It was the dead top of the "Tesla" pump in January of 2021, and acted as both support and resistance countless times after. Price tapped this key level within a few dollars and quickly retreated - but not by too much. This is now the level to watch, even at the weekly close in 6 days. I have...

ScottMelker

Gold made an all time high, an astounding accomplishment for one of the world's oldest assets. It briefly broke above $2081, hitting a high of $2146. It was immediately smacked back down, not only below the all time high, but back into the trading range below $2075. Gold bulls do NOT want to see another sweep of the highs with a long wick. They want to see...

ScottMelker

You are all aware that INJ is one of my largest positions, one that I have held and traded around through the entire cycle. This is one of the few coins that looks destined to break it's previous highs. As you can see, it has broken resistance after bullish consolidation and looks ready for another push. The line up top is the all time high... not sure far to...

ScottMelker

I shared this on X yesterday, when I noticed that Bitcoin had formed and was breaking out of a bullish descending wedge. Zooming in can often give you clues as to when a chart is ready to finally break out of consolidation. Now have a new support at the previous highs, $38,480.

ScottMelker

Bitcoin is not messing around. While many would point at the "ascending wedge" that is forming, anyone who has seen Bitcoin in a bull run knows that this is generally just a series of higher lows consolidating hard into resistance and that they usually break... up. Bitcoin continues to push harder into this key area of resistance, hitting the EQ so far today...

ScottMelker

Every time Bitcoin hits $38,000, it gets smacked back down below. You can see that every time attempts has been met with a long wick up, indicating strong selling in this area. We are yet to see a daily close above that level, which is still the key signal for me. Nothing to do but wait.

ScottMelker

MIL:DOT DAILY CHART DOT is forming a bull flag after a significant move up and break of the downtrend. The key resistance remains $5.70. A break of the bull flag would target ~$8.80 based on the length of the flag pole. Nice volume on the move up, decreasing as price consolidates. There's nothing to do here unless we see a breakout from the bull flag - until...

ScottMelker

MIL:BTC once again refusing to give dip buyers a big enough move down to buy. Welcome to Bitcoin in a bull market, where max pain is watching from the sidelines. Bitcoin continues its push into key resistance. Can it finally break through?

ScottMelker

As you know, I am not a huge fan of charting Bitcoin Dominance, as it is not a traded asset with buyers and sellers creating support and resistance. Further, it is a reaction to what we can already see in the market - that Bitcoin is either outperforming or underperforming alts. That said, when a number of people are watching something, it is worth taking note...

ScottMelker

The word of the day for Bitcoin is indecision. The past few weekly candles have closed within a few hundred dollars of $37,000 - the last two have also opened there. Both of the past two candles have made higher lows with long wicks down, showing that there is still buying demand in this area. That said, the doji candles show that neither side is winning - a clear...

ScottMelker

Very little to see here, which is good. Bitcoin is still struggling with the resistance zone ahead, consolidating for the next big move. Even the Binance news barely affected the chart, as price has retraced much of the initial drop.

ScottMelker

Ethereum hit the strongest resistance zone on the chart before retracing as expected. Now we have a clearly defined descending resistance, as ETH consolidates for another likely push up. Easy to trade - wait for a break of the descending black line if you are a risk taker, wait for a break of the $2,150 area if you are more conservative, as price will be breaking...

ScottMelker

Bitcoin continues to struggle at resistance, getting rejected each time it hits the $38,000 area. The good news is that daily RSI, which was historically overheated, is not reset and back well below overbought. Usually we see a trip back to oversold, but that does not need to happen in the immediate future. We basically have price staying the same with...

ScottMelker

Bitcoin is continuing to push against the $38,000 area of resistance, showing strength with all dips being quickly bought. RSI remains in the power zone, where we usually see continued movement up on the weekly. Not much to talk about here, just waiting for the next big move.