ScottMelker

ScottMelker

Bitcoin has officially made a very quick trip from overbought, all of the way to oversold. The bearish divergence on the 6-hour chart with overbought RSI was the leading indicator this time, although it was not seen on the 4-hour. the daily also hit overbought for the first time in ages. Now that we are oversold, I am looking for price to either continue up or...

ScottMelker

There you have it. Price dipped into the key zone of support and pierced the bottom. As discussed, when everyone is watching a level, you rarely hit it exactly - either price bounces above or dives right through. Either way, we now have the retest that we have been watching for, following the idea that I and many others drew. The target of the confirmed ascending...

ScottMelker

The Bitcoin weekly chart continues to show us the clear areas of interest. As expected, we have now seen the retest of the 50 MA and key area at $45,500 as support. We've been watching for this - now we need to see it hold! The weekly close will be very interesting and key to determining direction.

ScottMelker

I was hesitant to share this chart and it is not something I own or am currently trading (I have enough alt exposure). AXS was effected by the Ronin Bridge hack, so there are some real reasons to consider avoiding this ecosystem altogether. That said, Sky Mavis is refunding anyone affected and nothing has fundamentally changed about Axie Infinity, which made a...

ScottMelker

Another coin I was hesitant to share and it is also not something I own or am currently trading (I have enough alt exposure). Fantom suffered a major hit when Andre Cronje et al announced their departure from DeFi and the FTM ecosystem. These are valid reasons for a drop and to be cautious. That said, FTM has bounced beautifully off of the lows and is working on...

ScottMelker

The entire market seems to be holding it's breath at the moment, so trading is risky. That said, this is the best looking setup to me at the moment. Broke descending resistance, oversold bull div , potential double bottom - needs to break the horizontal black line. And Bitcoin needs to behave.

ScottMelker

Patiently waiting edition. $BTC has been having it's way with most coins, but Enjin continues to print oversold bullish divergence with RSI on the 4 hour chart. RSI is breaking resistance - price usually follows. Fundamentals are solid with Samsung partnership.

ScottMelker

78.6% retracement of the last move from the bottom. Presently fighting strong resistance at the 61.8% fib, which it has been battering. Looking for a break and retest of that area.Will go big if successful.

ScottMelker

Looks ready to rock. Fully retraced the previous move, into both 4 hour and daily demand. 61.8% retracement from bottom. Breaking descending resistance.

ScottMelker

AUD/NZD printed a bullish reversal doji on the 4 hour, with an SFP. The wick broke the recent swing low. The daily shows potential bullish divergence with RSI in oversold territory, with the same potential SFP pending the daily close.

ScottMelker

Looking very promising. The 12 hour chart shows bullish divergence with RSI in oversold territory, confirmed on multiple time frames. Price bounced off of the bottom of the descending wedge, and is finding support on a major daily level.

ScottMelker

$TSLA has a gap to fill in the $320s, which was created by the irrational dip after Musk's privatization tweets. Further, it bounced out of daily oversold on RSI (as it always does) and is breaking the local descending resistance. Every quarter for 2 years, TSLA has dumped into earnings and pumped out. So I buy a) right before earnings and b) whenever there is an...

ScottMelker

$DOGE has broken every descending resistance line on the chart... and now has consolidated in a bull pennant and broken out. Target? A cool 130. And all of this in the face of weakening $BTC in a bear market.

ScottMelker

A quick glance at the Google chart shows clear, long term bear divs on both the weekly and daily time frames. This "correction" was long due, and is resulting in clear hidden bullish divergence (yet to be confirmed) on both the weekly and daily charts. Price touched a major demand zone, making this ripe for a bounce if the market behaves, and tech stocks do not...

ScottMelker

This dip was coming. It has had bear divs on the daily brewing for quite a while. It's presently finished filling a major gap, and is at a solid support level. Also oversold on the daily, which is very rare. Very good spot for a potential bounce.

ScottMelker

Amazon has a clear, short time frame head and shoulders. Nearing it's target at $1938.37, which would also fill the gap to the left. Entries would be this area, or the gap just below to the left.

ScottMelker

$SQ If you are trading Square, I would be very careful. On the weekly chart, price is touching the top of the massive ascending channel (likely to test the bottom eventually), huge bear div on RSI, and a potential reversal doji. Technically, this screams "take profit."

ScottMelker

$QKC is up 20% since entry. 1. Approaching long term descending resistance. 2. Ascending triangle (bullish) consolidating with higher lows towards 1169 (red line). 3. Wearing out the present supply zone. Watching that line closely. Still holding 50% of position.